Elewit, the technological subsidiary of the Red Eléctrica Group, has successfully closed its call for proposals for its second venture-client programme and for which it has received more than 60 proposals from startups from 18 countries, mainly from Spain, the United States, France, Israel and Portugal. "We are very satisfied with how well the programme has been received, with a 100% international and digital result", says Ms. Silvia Bruno, Chief Innovation &Technology Officer of Elewit. With this programme, which was launched last July, Elewit is seeking innovative solutions to drive the transformation of the sectors in which the Group operates: electricity and telecommunications.
To this end, Elewit is committed to a new approach, the venture-client model, which steers away from the traditional advisory approach of acceleration programmes and focuses on exploring the business. "Our aim is to become a partner of the startups, ‘their client’, and help them develop a proof of concept which enables us to jointly explore how their technology can be incorporated into the Group. In this way, we add value to them and boost their business by generating new income", Ms. Bruno points out.
In this second edition, the proposals presented address innovative solutions that drive the energy transition and connectivity, specifically within the fields of digitalisation of electricity grid assets, the security of facilities maintenance professionals, the inspection of electricity infrastructure and the provision of services through satellite technology. To this end, they use cutting-edge IT and operation technologies such as Big Data, Artificial Intelligence and the Internet of Things.
Most of the participants are companies in their growth phase and that have been up and running for an average of 3 years, although some of the candidates are businesses with a greater degree of maturity - in the scale-up phase - that are already expanding into other countries. At this stage, an analyses process of the proposals by experts from all areas of the Group begins in order to validate the possible fit of the candidacies. This process will culminate in the presentation to a committee headed by Roberto García Merino, the Group's CEO, which will assess each proposal in detail. The companies that are finally selected will be announced in November.
With this second call, Elewit consolidates its venture-client programme for startups, which in its first edition promoted the development of four Spanish startups in their growth phase. "We have invested more than 300,000 euros in the development of six pilot projects with these four companies. To this end, we have put on the table and shared with them the knowledge and experience of the professionals and companies of the Red Eléctrica Group", adds Silvia Bruno.
In just five months, Flexidao, Onirix, Neurodigital and Sigma Rail (the companies that participated in the first edition), with the support of experts from various business units of the Red Eléctrica Group, have launched six pilot projects with which they are testing their technological solutions in the fields of line engineering, substation maintenance, electricity demand-side management and occupational health and safety. The proof of concept tests, which use technologies such as blockchain, augmented and extended reality and artificial vision, will be completed in the coming months.
Elewit, the technological platform of the Red Eléctrica Group
Elewit is the technological subsidiary of the Red Eléctrica Group, which was set up in 2019 to facilitate innovation within the Group and generate opportunities and business with key players in the ecosystem. To this end, it offers the knowledge and extensive experience of the Red Eléctrica Group in the management of electricity and telecommunications infrastructures, makes available its own assets, and uses the main open innovation tools.
Since it began its activity, Elewit has already launched and successfully completed two challenges and its first venture-client programme. It has also invested in two Spanish companies in the field of sustainable mobility and cyber security, Zeleros and Countercraft, and in the venture capital funds Adara and Cardumen. In addition, it has forged alliances with more than 20 universities, research centres, companies and financial players to jointly launch projects.
For Ms. Silvia Bruno, who has led the company since its foundation, "Elewit offers a unique model in the innovation ecosystem in Spain because it has the capacity to transform the electricity and telecommunications sectors, two fundamental services of the 21st century in which the Red Eléctrica Group plays an essential role".
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