Iberdrola has been recognised for the third consecutive year as the world’s leading private utility for investment in innovation and development, according to European Commission research.
The commission’s latest report, ‘The 2024 Industrial R&D Investment Scoreboard’, has placed the Spanish renewables developer in first position, after it allocated €384m in 2023.
The European Commission has analysed the 2000 largest companies in the world and the 800 most relevant in Europe for the report.
The company, chaired by Ignacio Galan (pictured), “considers innovation to be a strategic variable for the group and is the main tool for guaranteeing the sustainability, efficiency and competitiveness of the electricity company”.
Through the incorporation of new clean and efficient technological solutions, Iberdrola has become the driving force behind the energy model based on electrification.
The company aims to exceed €4000m of investment in R&D activities by 2030.
These resources are intended to be allocated mainly to projects related to renewable energy, smart grids and digital transformation.
The company has “spearheaded the development of solutions that drive decarbonisation” such as smart grids.
Initiatives include the Global Smart Grids Innovation Hub, located in Bilbao, Spain.
The centre acts as a driving force for innovation, combining the company’s technological capacity with that of more than 100 collaborating entities and companies: suppliers, universities, technology centres and startups.
In addition, it is a magnet for attracting strategic suppliers and international talent, thus strengthening the business ecosystem.
In renewables, Iberdrola is “betting on pumped hydroelectric technology”, the most efficient and mature system for storing energy on a large scale.
Iberdrola’s leading position in energy storage has been reinforced with the commissioning of the Tamega gigabattery, one of the main projects in Europe in the last 25 years.
Iberdrola has also increased its activity in offshore wind, with operational assets and those under advanced construction in various countries such as the United Kingdom, France, Germany, among others.
In addition, the company “opens the door to sites further from the coast by allowing the deployment of wind turbines in larger and deeper offshore areas with greater wind potential”.