Abora Solar and Synesi
Abora Solar was established in 2017 by Alejandro del Amo, an international expert in renewable energy. Its mission is to maximize return from environmental resources through technological innovation from a perspective of efficiency, quality and commitment to the environment.
Since its foundation, the company has received numerous awards at both national and international levels. They include the Energy Globe Award, the world’s most prestigious environmental award, the CaixaBank EntrepreneurXXI and the IDEA Award given by the regional government in Aragon. Alejandro del Amo has personally received the MIT prize awarded to the best 35 innovators under 35 and been named by Forbes as one of the 100 most creative Spaniards in the business world.
The SHE solar panel (Solar Heat and Electricity) uses hybrid technology: photovoltaic cells that produce electricity at the same time as a system for heating water. It has a performance level of 89%, considerably above the market average. It can generate the same amount of energy as five photovoltaic solar panels making it profitable in less time. This translates to savings of between 50% and 70% in energy costs.
Furthermore, the system also includes the possibility of storing energy. For example, it keeps hot water that is unused in the summer underground to be made use of in winter.
All providers of its components are European, making a significant contribution to the industry and reinforcing Synesi’s European outlook.
Abora Solar has received over €2 million in financing from the European Innovation Council (EIC) to develop this new panel, the most efficient in the world. It was one of 228 projects presented by Spain to the EIC Accelerator Pilot; only 6 of them received this financial support.
Along with this financing, Synesi also collaborated in management, administrative and internationalization tasks:
- Together with a specialized legal firm, it coordinated the filing of the patent application for Abora and data protection for the Authorized Partner Representation Agreements.
- It took on part of the company management (accounting, employment and tax requirements) for Abora Solar until Synesi’s clients divested.
- It acted as financial controller, advising on deviations from cash forecasts and suggesting ways to correct them.
- It supported the company’s international sales agenda in Colombia, Mexico and the Netherlands where it connected Abora Solar with local companies within the sector.
In 2019, once the project gained traction, investors from Synesi sold their shares to companies and entities able to bring higher added value to Abora Solar.
Synesi clients obtained returns in excess of 25% on their investment, having helped make a start up’s exciting project come true and shared common values of profit, utility and sustainability.