Magallanes Renovables, a pioneering Spanish renewable energy company, is tapping into the vast potential of tidal energy - thanks to BlueInvest. Their mission revolves around engineering, designing, and manufacturing colossal floating platforms capable of generating clean, 100% predictable energy from tidal currents.

As put by Alejandro Marques, CEO of Magallanes Renovables:

"Our mission is to change the world by unlocking a new resource of renewable energy, our oceans. We are committed to leading the industry and bringing innovation that positively impacts people's lives. BlueInvest has been key in our journey. It helped us secure our first large investment round by preparing our team to be ready to face such growth opportunities".

For over 15 years, the company has dedicated itself to refining their technology, progressively enhancing each version of their tidal energy extraction device.

 

Simplicity is the best business model

Since their last funding round, Magallanes Renovables has surpassed their commercial expectations. At the forefront: their patented, modular, and cost-efficient technology, the ATIR. It offers an exceptionally efficient solution for delivering tidal energy while simultaneously driving down costs and boosting performance.

Simply put, the ATIR is a 45-meter-long vessel, characterised by complete symmetry from bow to stern and featuring a mast beneath its 15-meter-long hull. The blades situated in this area efficiently capture the power of underwater currents, converting it into electricity.

This innovative platform seamlessly fuses principles from naval engineering with cutting-edge wind energy generation technology. Emphasising simplicity, the technology employed proves to be straightforward, forming the foundation of an optimal business model.

Securing investments from founders and grants, Magallanes Renovables has acquired all necessary permits to set up their tidal energy device in Wales.

 

BlueInvest in action

Magallanes Renovables embarked on its journey with the BlueInvest Readiness Assistance programme in the challenging year of 2020. CEO Alejandro Marques de Magallanes Crespo states: "Our coach was amazing and was really involved in our project. He really went the extra mile for us."

The BlueInvest coach played a crucial role in guiding the company. Among other, he helped them shape their strategy, craft a business plan, and identify areas of vulnerability. Additionally, he prepared them for fundraising, assisting in the creation of a compelling pitch that strategically engaged potential investors.

Following the training, Magallanes Renovables successfully raised the necessary funds for the initial launch of their project. Looking ahead, the company is exploring a mix of equity and debt fundraising to further advance their mission. Tidal energy's reliability as a renewable energy source adds certainty to the venture, promising significant benefits on a global scale.

The startup’s outlook is optimistic, not only for their own venture, but also for local companies involved in cutting-edge marine renewable projects. The company's commitment involves continual investment in mature technologies from the wind and naval industries, minimising technological risks, and addressing unique technical challenges on their transformative journey.

Magallanes Renovables is poised to make waves, harnessing the power of the tides for a sustainable energy future.

The EU aims to have at least 42.5% of renewable energy by 2030. The objective for ocean energy is to have at least 1 GW of installed capacity by 2030 and 40 GW by 2050.

 

About BlueInvest

BlueInvest is an EU initiative that aims to boost innovation and investment in sustainable technologies for the blue economy. It offers assistance to access financing for early-stage businesses, SMEs and scale-ups. BlueInvest is enabled by the European Maritime and Fisheries Fund.

BlueInvest Readiness Assistance is an exclusive coaching programme. It targets high potential EU startups and SMEs with innovative and sustainable products and solutions for the Blue Economy. Businesses and projects selected for Investment Readiness Assistance will receive coaching packages tailored to their readiness levels and business objectives. The programme is impact-driven, with a clear focus on providing business support to help startups and SMEs build capacities for growth and attract investment.

More mature SMEs can also apply to the BlueInvest Fundraising Assistance, that aims to support equity round closures through coaching.

For any questions, reach out to us at lu-blueinvest@pwc.lu.

 

More information

Website of the company: Magallanes Renovables  

Social Media of the company: https://www.linkedin.com/company/magallanes-renovables/

Communication from the Commission “Delivering on the EU offshore renewable energy ambitions” (including targets for ocean energy)