Repsol has put about €150 million into more than 35 start-ups, 16 still held

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Repsol has invested close to €150 million in more than 35 companies since it set up its Corporate Venturing unit, and 16 of them remain in its active portfolio. The pitch to founders is that the cheque comes with things a financial fund cannot easily lend out, such as pilot plants, testing capacity and the chance to try a technology somewhere close to real industrial conditions. A dedicated team scouts universities, labs, technology centres and trade fairs, with the Repsol Technology Lab weighing in. The portfolio leans towards the circular economy, renewable fuels and hydrogen, CO2 capture and use, waste valorisation and industrial digitalisation. Examples the company itself cites are Ingelia, which turns wet biomass into energy products by hydrothermal carbonisation, Trovant Technology, which makes modular kits for upgrading biogas to biomethane, and Perseo, which converts organic waste into bioethanol.

For later-stage companies there is Net Zero Ventures, the fund Repsol promotes with Suma Capital. Repsol is its anchor investor with €50 million, and the fund reached a final close of €210 million in commitments in 2025.

At the other end, the Fundación Repsol has run the Fondo de Emprendedores since 2011. It offers a 12-month acceleration programme, funding of up to €120,000, mentoring and pilot tests, and has backed close to 90 start-ups so far. These include Intemic, a Barcelona company with an AI platform that audits factory production in real time, and Electrógenos, which makes electrodes meant to lower the cost of renewable hydrogen. Electrógenos went on to sign a contract, routed through the group, to validate its electrodes at commercial size, which is one way for mentoring to turn into a customer.