PERSEO: Iberdrola's startup program

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

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.
 

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.

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.

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.

Awards

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.