Spain's HESStec raises 2.3 million euros to promote energy storage solutions, key to energy transition process
- Elewit, Red Eléctrica Group's technology platform, Quantum, Capital Energy's corporate venturing vehicle, and, in a direct fashion, RIC Energy join forces to support the growth and development of HESStec
- The HESStec technology works on the development of advanced energy storage proposals for electricity grids
HESStec (Hybrid Energy Storage Solutions S.L.), a pioneer in the development of energy management systems and hybrid storage solutions, has completed a €2.3 million Series A investment round that will drive its business growth and technological progress. With the closing of this transaction, the company takes a step forward to become a global benchmark and supplier of this type of solutions, whose objective is the effective integration of storage in the energy mix.
HESStec opens this new stage thanks to the support of leading companies in the energy sector: Elewit, the technology platform of the Red Eléctrica Group; Quantum, Capital Energy's corporate venturing vehicle; and RIC Energy, an originator specialising in the development of renewable projects. The backing received from these new investors will secure funding for the company to ensure robust and sustainable business development and growth. It is also an opportunity to take advantage of synergies between the partners who have supported this initiative.
HESStec is an integrator and supplier of energy asset management systems based on proprietary and patented hardware and software technologies for the optimisation and monetisation of energy storage. HESStec has development centres in both Seville and Valencia, where its corporate office is located, and will inaugurate its advanced storage systems laboratory next month, specifically in the technology park, as part of its growth and development plan. Similarly, it plans to double its workforce in the next 15 months with the incorporation of new highly qualified professionals.
"The energy transition to a more sustainable and efficient world is embedded in HESStec's founding DNA. The development of efficient and cost-effective energy storage solutions, both in design and operation, will enable a new generation of electricity grids with a higher penetration of renewable sources and a more optimised use of solar and wind resources," says Eugenio Dominguez, CEO and founder of HESStec.
"The investment in HESStec supports the main strategy of the Red Eléctrica Group, which reinforces the figure of the TSO as a driver of the energy transition towards a more decarbonised and sustainable system through the integration of renewables, with solutions that help us to provide the electricity system with greater flexibility. This will allow us to explore the full potential of storage systems to guarantee the security and quality of supply in scenarios with a high penetration of renewable energies, both from the perspective of storage solutions that could be an integrated part of the transmission grid (TSO), as well as for compliance with the system operator's requirements for those storage facilities, alone or in combination with generation, connected to TSO underpinning a safe and efficient emission-free model", says Silvia Bruno, director of Elewit.
Erika Escolar, director of Capital Energy’s Corporate Venture, points out that “at Capital Energy we work with the firm purpose of boosting our economy and society, contributing to the creation of a new energy model where storage solutions play a key role in the efficient integration of our large renewable platform in the electricity sector and allow us to offer a quality service as a competitive, digital, sustainable and reliable supplier to our end customers. At Capital Energy Quantum we believe that the entry into HESStec responds to this purpose and also contributes to our goal of creating a portfolio of EnergyTech startups with the potential to transform the energy sector".
"In an energy market with a clear trend towards electrification and the integration of renewable energy sources whose contribution is intermittent and unmanageable, it is increasingly necessary to provide system resilience to maintain quality of service. That ability to displace generated energy in short periods of time can be provided by intelligently controlled storage systems and that is where we are confident that HESStec has a lot to say," says José Luis Moya, CEO and founder of RIC Energy
HESStec, spearheading energy innovation
The energy transition process in which we are immersed is causing the birth of new network assets and energy models that, in turn, imply the need for enabling technologies, such as energy storage, which provide flexibility and manageability to network operators and promote greater efficiency of their assets, both operationally and economically.
In this way, energy storage and control and management systems will enable the use of existing grids, reducing the investment and environmental impact of the deployment of new lines, as well as allowing the effective integration of electric vehicles. They will also enable the integration of new energy carriers such as hydrogen, making it a feasible reality.
In this sense, HESStec offers turnkey solutions for energy storage (SHAD®) and grid asset management and optimisation systems (InMS™), applied to a wide variety of scenarios: integration of renewables; applications in the distribution grid (utility grade); support for electric vehicles and multiple applications for microgrids, both isolated and connected. "HESStec's smart solutions, with energy storage as a key element, will enable this transition to a cleaner energy model and a more environmentally responsible world," adds Domínguez.
The hybridisation of different energy storage technologies in the same solution, as well as the integration of control algorithms and models of operation and degradation of these systems, allows HESStec to offer solutions with significant reductions in both Capex and Opex, while increasing the profitability of storage by expanding the portfolio of network services.
Elewit is the Red Eléctrica Group’s technology platform. It was born in 2019 with the purpose of offering solutions to new challenges in the electricity and telecommunications sectors. It had one goal: to drive the energy transition and connectivity to create a sustainable future.
Elewit focuses its activity on the following impact areas: citizens at the centre; transmission and accessibility of information; renewable energies and flexibility in the operation of the electricity system; electrification of society; smart asset development and management; and cybersecurity as a cross-cutting area.
About Capital Energy Quantum
Endowed with €20 million, Quantum, the corporate venturing fund launched by Capital Energy in October last year, aims to identify a portfolio of EnergyTech startups in Spain and Portugal with the potential to transform the energy sector, reach agreements and invest in them over the next five years.
Capital Energy is a Spanish energy company founded in 2002 with the aim of becoming the first vertically integrated 100% renewable energy operator in the Iberian Peninsula. It currently has a portfolio of wind and photovoltaic projects on the Iberian Peninsula totalling more than 38 gigawatts (GW) of power, of which approximately 8.5 GW already have network access grants.
About RIC Energy
RIC Energy was founded in 2005 and is currently active in Spain, the United States, India and some African countries, where it focuses on the development of photovoltaic projects, with involvement in the development of the EPC, financing and subsequent management of these projects. RIC currently has more than 3.5 GW in photovoltaic developments in Spain and is expanding its activity to directly related sectors such as renewable hydrogen production and electrical storage, a trend that includes its participation in HESStec.