PERSEO: Iberdrola's startup program

More than 15 years committed to start-ups and business innovation to accelerate the energy transition

Iberdrola's startup programme - PERSEO - aims to facilitate the group's access to the technologies of the future while fostering the development of a global ecosystem of startups in the electricity sector with a focus on sustainability. Iberdrola has EUR 200 million for this purpose, invested through its portfolio of investments in startups, its PERSEO Venture Builder unit, pilot projects, the launch of the Iberdrola Startup Challenge and the Andromeda and GED Tech Seed funds for investments in sustainable technologies.

Equipo de PERSEO
The Iberdrola Innovation team responsible for PERSEO, led by Diego Díaz Pilas (top row, second from right).

Our firm commitment to business innovation has been structured since 2008 through PERSEO, Iberdrola's start-up programme. A tool created for the purpose of introducing innovation in the company through various programmes and facilitating its potential application in tangible business cases that generate significant value for Iberdrola.

Since its creation, the programme has invested more than 125 million euros in supporting open innovation and creating synergies with start-ups that develop innovative technologies and business models. The focus is on those that improve the sustainability of the energy sector through greater electrification and decarbonisation of the economy.

PERSEO uses instruments such as venture capital investments, strategic alliances, start-up competitions and pilot projects or Proof of Concept (PoC) as tools, with the aim of maximising the channelling of innovation into our company for constant improvement.

Keys to the programme

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    125 M€ invested
    in startups

    8 companies in our portfolio

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    Challenges Open Innovation Tool

    10 challenges launched anually

    + 500 proposals received each year

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    Venture Builder Program

    For creating and investing in companies

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    +7.500 start-ups in
    our ecosystem

    Increasing at a rate of 300 per year

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    Pilot projects

    Access to technology in real cases

    +25 real pilot projects per year

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    Major funds supporting innovation

    Andromeda SustainableTech Fund
    €300 M to invest in scale-ups for the energy transition

    GED TECH Seed Fund
    €100 M to invest in technology projects with a focus on sustainability


SEE SUMMARY INFOGRAPHY: PERSEO Startup Programme [PDF]External link, opens in new window.

Innovation Report 2020 - 2022 External link, opens in new window. 


PERSEO's mission and strategic sectors 

PERSEO's mission to generate added value for the company through the application of innovation in the business is divided into four complementary objectives: early identification of key trends, promotion of entrepreneurial culture, support for disruptive business models and boosting economic revitalisation. In turn, the programme is applied transversally in six strategic sectors for Iberdrola.

Enlace externo, se abre en ventana nueva.

Objetives of the programme

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    Early identification of key trends for the future of the company

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    Fostering a culture of innovation and entrepreneurial activity

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    Access to ground-breaking tecnologies and business models

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    Stimulation of industrial sectors with high potential for growth and promoting economic and social revitalisation

Main areas of interest

Smart solutions for residential, commercial and industrial customers

  • Devices for smart homes/buildings
  • Energy management platforms
  • Customer loyalty tools
  • Electric heating, etc.

Solutions for the power grid of the future

  • Microgrids
  • HVDC
  • Technologies for smart grids
  • Advanced automation
  • Grid resilience technologies
  • Reliability and efficiency, etc.

Management of distributed energy resources

  • Battery control technologies
  • Solar
  • Thermal electric power

Renewable energy integration technologies

  • Flexibility platforms
  • Energy storage
  • Green hydrogen

Advanced operation and maintenance technologies

  • Platforms based on data
  • Drones
  • Sensors
  • Robots
  • Diagnosis
  • On-line supervision
  • Augmented Reality, etc.

Electric mobility solutions

  • Charging infrastructure
  • Mobility platform

Solutions that drive sustainability

  • Circular economy
  • CO₂ sequestration based on natural solutions
  • Promoting biodiversity


Investment portfolio: which start-ups do we invest in? 

Iberdrola's start-up programme - PERSEO - has focused its activities on analysing business opportunities and technological collaboration with start-ups or emerging companies around the world, analysing 300 companies each year and creating an ecosystem of more than 7,500 entrepreneurial companies, including unicorns (companies valued at more than 1 billion dollars) such as Wallbox and Stem Inc. At present, this investment instrument holds a portfolio of eight companies, check them out!

Andromeda: first major technology fund to accelerate energy transition and sustainability

Iberdrola's start-up programme - PERSEO - is participating in the alliance with Seaya Ventures, together with Fond-ICO Next Tech and Nortia Capital, to launch Spain's first major technology fund to accelerate the energy transition and sustainability: Andromeda.

The fund, with a target size of EUR 300 million, invests in European technology scale-ups related to sustainability, energy transition, electrification of the economy, and other areas such as sustainable agriculture and the circular economy.

In August 2022, the company closed its first investment by backing the 011H construction company's initiative, whose main objective is to optimize the design and construction process of carbon neutral buildings, making them easily repeatable and scalable.

This is the first large technology venture capital fund that contemplates specific sustainability objectives in line with article 9 of the European Union Regulation, with clear and measurable environmental, sustainability and governance (ESG) criteria, which are very present in Iberdrola's corporate identity and management.

GED Tech Seed: a fund to support Portuguese entrepreneurs and start-ups

Through our Portuguese subsidiary, Iberdrola Renovables Portugal, we are investing in GED TECH Seed – a large €100 million fund to support Portuguese tech start-ups. Over the fund's investment period, it is expected to make between 25 and 35 investments in a portfolio of Portuguese start-upsExternal link, opens in new window.  in areas related to the energy transition, but also in healthcare technology, food technology and biotechnology. To this end, over 3,000 opportunities have been identified in highly innovative tech projects with a special focus on promoting sustainability and ESG criteria.


PERSEO Venture Builder: new unit to support the energy transition

Within PERSEO, the Iberdrola group has launched Perseo Venture Builder, a new unit to create from scratch businesses to support electrification - initially focusing on areas such as recycling and the circular economy - and in sectors that are difficult to decarbonise, such as industrial heat production and heavy transport.

The short-term objective of this initiative is to develop new lines of action in the coming years, with the aim of boosting industrial sectors with high growth potential and thus promoting economic and social revitalisation.

The activity of Perseo Venture Builder will focus on the creation of innovative companies with the participation of other technological and industrial groups and also contemplates public-private partnerships. It will operate mainly in Spain, but does not rule out the promotion of activities in other markets where Iberdrola operates.

What does PERSEO bring to entrepreneurs?

Iberdrola is a strong advocate of open innovation, enabling companies to go beyond their boundaries and develop cooperation with external organisations and professionals.

What do we offer?

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    Between 1 and 5 million euros

    Co-investment with venture capital companies and funds

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    Pilot projects

    Access to large volumes of data

    Testing technology in a real environment

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    Access to Iberdrola’s ecosystem

    Access to market know-how and key technologies


Through PERSEO, the group conducts more than 25 pilot tests of new technologies per year, which serve as a first step towards establishing a commercial relationship or partnership with startups. In addition, in recent years the group has launched numerous challenges in which more than 1,100 startups have participated.

Beyond the financial contribution, PERSEO's support to these companies has been key in defining their product and business, offering them knowledge and access to Iberdrola's ecosystem. On the other hand, the work carried out with the startups has served our company as a technological antenna to find out where our sector is heading.

Start-up Challenges

PERSEO launches an average of ten challenges per year, aimed at emerging technology companies from all over the world, with the objective of receiving proposals with innovative solutions to improve the company's operations, increasing our competitiveness and positioning us in new markets, while minimising our environmental impact. 

Discover all the challenges launched to date on the Iberdrola Start-up Challenge page. Here are the latest ones:


Pilot projects

In addition to the challenges, and sometimes as part of the award to the winning start-ups, in PERSEO we carry out 25 pilot projects a year to test new technologies and business models offered by emerging companies, always aligned with the areas of interest of our businesses. These pilot tests in real environments are a key preliminary step in the search for companies with which to establish business relationships.


History of PERSEO 

Iberdrola's corporate venture capital activity has evolved a great deal since its first steps, more than 15 years ago. Since the creation of the PERSEO programme in 2008, there have been many trials, experiences and learnings, until we have become what we are today. Our real achievement, at the end of the day, is to have succeeded in introducing innovation in the company and helping to apply it in tangible business cases that generate significant value for Iberdrola.


History of PERSEO

  • 2022 Launch of Andromeda
  • 2020 Launch of Venture Builder programme
  • 2016 Creation of the programme Challenges and Pilots
  • 2013 First investment in a Silicon Valley company (STEM)
  • 2009 First investment in PERSEO
  • 2008 Start of PERSEO


The work carried out within the PERSEO programme has led Iberdrola to win the international Corporate Startup StarsExternal link, opens in new window.  award on seven occasions, which recognises the application of best practices and open innovation models in large companies.

In the 2022 edition, Iberdrola was ranked among the Top Corporate Startup Starts, the highest recognition of these awards, rewarding our commitment to innovation through the promotion and development of technological start-ups in the electricity sector worldwide with the aim of facilitating the group's access to the technologies of the future.