Banco Santander has announced a new initiative aimed at startups and scaleups that are developing innovative circular economy solutions. This challenge, organized in collaboration with the Norrsken and Oxentia foundations, targets businesses across 11 countries: Argentina, Brazil, Chile, Germany, Mexico, Poland, Portugal, Spain, the UK, Uruguay, and the US.
The competition will reward six projects with a total of EUR 120,000 in prize money. Additionally, winners will gain membership to the Santander X 100 global community and access to Banco Santander's Fintech Station open innovation program. They will also receive a year's membership to Norrsken in Barcelona.
Companies interested in participating have until May 9 to submit their applications via Santander X. The focus areas for eligible solutions include recycling and reuse of materials and waste; development of new materials and circular products; creation of new business models promoting product reuse; and optimization of renewable energies and smart grids.
Lucas Arangüena from Banco Santander highlighted the goal of this challenge as aiding "the transition to a more efficient, sustainable and environmentally friendly circular economy."
Finalists will be announced on May 23. An expert panel will then select six winners who will share the prize money: EUR 10,000 each for three startups and EUR 30,000 each for three scaleups.