Madrid, March 29, 2022. COFIDES has supported the engineering company Russula in the development and implementation of AI-based digital solutions in its process control systems.

COFIDES will provide 2.5 million euros through a joint venture loan from the Fund for Foreign Investment (FIEX). With this funding, Russula will develop AI-based digitalisation solutions that enable better integration and control of its customers' production processes in order to make them more efficient. The total investment of the project is 3.5 million euros.

Among the objectives of this development is the optimisation of processes so as to maximise production while reducing energy consumption and environmental impact, prioritising safety in all processes at all times.

The company has had an operational presence in Massachusetts, USA since 2002, through its subsidiary Russula Corporation, which designs, implements and provides engineering and automation solutions for the steel industry and for water treatment plants in the steel sector. COFIDES has partnered with Russula on two other occasions for the creation of a division of its subsidiary in the USA, focused on the research and development of new prototypes and increasing its R&D investment.

COFIDES chairman, José Luis Curbelo, highlighted the importance of supporting companies that promote innovative projects that encourage the efficient use of resources in production processes. "Innovation boosts competitiveness and is essential for sustainable growth and the creation and maintenance of highly skilled jobs."

The project contributes to the achievement of Sustainable Development Goals (SDG) 8, Decent Work and Economic Growth, and SDG 5, Gender Equality.

ABOUT RUSSULA

Founded in 1988, Russula is an engineering company which provides its services to major steel producers in more than 30 countries. With its headquarters and workshop located in Galicia, the company also has offices in Brazil, India, Italy, Mexico, Russia and the United States.

Russula has implemented turnkey and modernisation projects in more than 100 long and flat steel mills worldwide. Its operational areas are rolling mill, water treatment and digitisation solutions.

ABOUT COFIDES

COFIDES, a state-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).