Spain-based energy firm Iberdrola has bought a fifth of US-based carbon capture technology provider Westec Environmental Solutions (WES) through its Perseo corporate venturing fund.

Westec won the first edition of the Perseo awards and the fund can invest up to €4m ($6m) per portfolio company.

Agustín Delgado, head of innovation quality and environment at Iberdrola, said Perseo “ensure[s] access to new generation technologies and allow us to remain at the cutting edge in world innovation.”

Pedro Velasco, head of the company’s non-energy business, added that through Perseo “we are not just trying to obtain profits and a good rate of return but also acquire technology which Iberdrola itself may use in the future”.

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