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Why Spain's Repsol is investing in Finboot’s blockchain solution?

Publication Date: 04 Jul 2019 - By Gaurav Sharma (Editor ReachX) By Gaurav Sharma (Editor ReachX)
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Equity Fundamental Equity UK EU ex-UK Fintech Energy Technology

Oil and gas giant Repsol (BME:REP) has revealed its latest foray into blockchain solutions, in line with an ongoing trend of energy sector players investing in the secure digital ledger technology.

The Spanish company confirmed that it will be a cornerstone investor in UK/Spain based Finboot’s latest fundraising round. In turn, Finboot will supply Repsol with its technology solution BlockLabs, powered by its proprietary software MARCO which deploys blockchain to certify products and enhance supply chain efficiencies.

Repsol said it has acquired an ~8% stake in the company through its strategic investment fund. Finboot added that atop the investment it has secured from Repsol, the oil and gas company has also awarded it with a commercial contract.

The funds will be used to support the enhancement and extension of Finboot’s product offering in line with the company’s growth strategy. The start-up facilitates and simplifies the adoption of blockchain technologies into daily business operations, focusing on industrial supply chains.

It predominantly focuses on the oil and gas, chemicals, consumer goods/retail and automotive sectors, with plans to extend its industry reach.

Repsol estimates that Finboot’s solution will save approximately €400,000 per annum, even with a limited rollout.

Nish Kotecha, Chairman and Co-Founder of Finboot, said: “The investment cornerstones our latest fundraising round, while the contract is testament to the capabilities of our technology and its ability to support and enhance efficiencies across enterprises. The partnership with Repsol represents a significant milestone for Finboot and augurs well for our future growth ambitions.”

Disclosure:

I have no positions in any of the securities referenced in the contribution

I do not use any non-public, material information in this contribution

To the best of my knowledge, the views expressed in this contribution comply with UK law

I agree with the terms and conditions of ReachX

This contribution is for informational purpose and does not constitute investment advice nor is it an offer to sell or buy, nor is it a recommendation for any security.

Gaurav Sharma Editor ReachX

 

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