Impact Bridge selects CEGASA Energía for its first investment in energy storage, providing up to €6 million to support its expansion across Europe

Impact Bridge’s impact private debt fund has provided financing to CEGASA Energía, a Basque company with more than 90 years of industrial experience, to support a new growth phase linked to energy storage.

The financing will help strengthen CEGASA Energía’s industrial and technological capabilities to develop and manufacture battery energy storage solutions (BESS) for projects of different scales and applications.

The transaction will enable the company to scale up production and deploy grid-scale energy storage, consolidating highly skilled industrial employment in the Basque Country and reinforcing a critical link in Europe’s energy storage value chain.

Impact Bridge Asset Management, the Spanish impact investment management firm, has finalised financing of up to €6 million for CEGASA Energía, a Basque company specialising in energy storage solutions with more than 90 years of industrial experience. The transaction will support the company’s expansion strategy and strengthen its position within the battery energy storage systems (BESS) market segment.

Having originally specialised in zinc-air batteries, CEGASA Energía progressively incorporated new technologies, including lithium-ion batteries. This process was strengthened through the development of in-house electronics and engineering capabilities, as well as strategic agreements such as the one reached with EVE, the world’s second-largest manufacturer of battery cells. In recent years, the company has continued to expand its industrial and technological capabilities in order to address the evolving needs of the energy sector.

Energy storage is one of the key enablers of the energy transition. It allows greater integration of renewable energy sources without compromising security of supply, helping to achieve the decarbonisation of the energy system in an orderly and efficient manner. Its deployment is also benefiting from increasing regulatory support from the European Union, including non-repayable grants and remuneration mechanisms that strengthen the sector’s financial viability.

This phase of the company’s evolution has been accompanied by a growing international presence and expansion into new applications, including energy storage solutions for the maritime sector. The company is therefore continuing to diversify its activities and develop storage solutions tailored to different markets and requirements. Sherpa Capital, which has supported the company since 2015, has played a significant role in this evolution and growth.

The transaction is aligned with Impact Bridge’s impact investment thesis, which combines the energy transition with social impact. Achieving international climate targets, which require specific levels of installed renewable capacity by 2030, will multiply the need for energy storage, currently one of the principal bottlenecks of the energy transition and a key element in strengthening the independence and stability of the electricity system. This is complemented by the transaction’s social dimension and strong regional roots: CEGASA Energía operates from the Basque Country and creates highly skilled industrial employment through the development of its own R&D capabilities and collaboration with universities and research centres, enabling it to remain at the forefront of a rapidly evolving sector. This transaction carries particular significance for the ‘IB Deuda Impacto España’ fund, whose investors include leading Basque institutions such as Kutxabank, Elkarkidetza and Itzarri. Supporting an industrial company from the Basque Country such as CEGASA Energía means channelling regional savings towards both the energy transition and positive social impact.

Through this financing, Impact Bridge, Sherpa and CEGASA Energía bring together impact investing and European manufacturing industry to accelerate a strategic capability, energy storage, from Spain and through a European value chain.

María Samoilova, Managing Partner at Impact Bridge and Head of the ‘IB Deuda Impacto España’ fund, added: “Energy storage is an essential lever for decarbonising the electricity system and enabling an efficient energy transition. For us, it is particularly important to support a company that strengthens Europe’s battery manufacturing value chain, with a Spanish-made product and environmental and social values fully aligned with the fund’s objectives. Combining this contribution to the energy transition with the social and regional impact that CEGASA generates in the Basque Country perfectly reflects the type of projects we seek to support through Impact Bridge.”

Iñigo Atutxa, CEO of CEGASA Energía, added: “At CEGASA, we are convinced that the future of energy storage also depends on strengthening Europe’s industrial capabilities. We aim to continue growing from Spain, developing and manufacturing competitive solutions for international markets while consolidating our own capabilities to seize the opportunities offered by this strategic sector. The support of Impact Bridge and Sherpa provides a significant boost as we continue building a competitive company and contributing to the development of an increasingly robust European energy storage industry.”