Innovation and Entrepreneurship Plan 2023-2026
Addressing the challenge of climate change requires a novel and determined approach. Aware of this urgent need, Enagás has presented its Innovation and Entrepreneurship Plan 2023-2026, which aims to drive decarbonization through technology, digitalization, and innovation. This roadmap, supported by the company’s Strategic and Transformation Plans, is led by the Innovation and Corporate Venture Department and is based on five fundamental objectives.
To advance on the path to decarbonization, Enagás will test and incorporate disruptive technologies and develop new business models
Firstly, the company will work on testing and incorporating disruptive technologies, as well as on the development of new adjacent businesses with the goal of accelerating decarbonization and the energy transition. In the coming years, Enagás will seek technical solutions and pioneering business models to accelerate the transformation of its value chain and contribute to supply security in key areas such as the deployment of renewable gases (mainly hydrogen and biomethane), hydrogen transport and storage, energy efficiency and savings, and digitalization. To achieve this, Enagás will rely on its internal open innovation model, driving activities such as Corporate Venture (direct investment in startups, pilots, or Venture Building), preparation of prospecting and technological surveillance reports, and the launch of the internal idea and innovative project search program “Ingenia.” Additionally, Enagás will continue to strengthen and expand its ecosystem of external collaborators in the public and private sectors (universities, research centers, corporations, venture capital funds, startups…), reinforcing its positioning as a key player in the new energy landscape. An example of this is the Flagship Projects, flagship projects driven by Enagás in alliance with other TSOs and strategic partners to promote technologies in areas of joint interest.
Another important objective of this plan is to maximize the capture of value from energy transition investment funds in which Enagás participates: Klima and Hy24, in order to contribute new knowledge to the company’s Transformation Plan. Among the planned actions, a channel for disseminating the know-how generated in the various committees of the funds in terms of technology, markets, national strategies, or regulation, among others, will be established so that it can be transferred to all areas of the company, while strengthening relationships with participating investors (TSOs, utilities, funds, and institutions) to foster co-investment and joint development opportunities.
“We have the professionals to ride the new wave of green energy and sustainability innovation that Enagás is entering,” Sergio García, Director of Innovation and Corporate Venture, at the recent presentation of the Innovation and Entrepreneurship Plan 2023 – 2026
Enagás has also set the challenge of adapting the strategy of its startup portfolio to align it with the company’s Strategic Plan. This new strategy demands an update of the investment thesis, seeking projects with a clear impact in Europe, concentrating investment in fewer companies (more focused portfolio) with greater participation in each, allowing for greater governance and decision-making capacity.
Improving public funding management processes is another key aspect of the Innovation Plan. With this goal, which is also one of the initiatives of the Transformation Plan, Enagás will focus on maximizing the capture of public funds in a transversal manner, developing both innovation and infrastructure projects to increase their profitability and ensure their proper coordination and monitoring.
The final objective of the plan is to commit to continuous innovation and improvement to foster a corporate culture that embraces new ways of working motivated by an entrepreneurial and transformative spirit.
Implementing all these measures will enable Enagás to ensure the successful development of its activities in the long term, maintaining its position in the sector as a key player and betting on new technologies, new businesses, people, and public-private collaboration as key elements to accelerate decarbonization and the transition to sustainability and supply security in the energy sector.
