This will be Escriva’s new ‘digital SEPI’: its main function will be investments | Companies

The new Spanish Society for Technological Transformation (SETT), which will consolidate the participation of States in the digital world, has begun its work. According to the Royal Decree that regulates its activity, published this Wednesday in the Official State Gazette (BOE), the company (formerly known as the State Society of Microelectronics and Semiconductors), which until now was a subsidiary of SEPI Desarrollo Empresarial (and therefore dependent on SEPI and the Ministry of Finance), was attached to the Ministry of Digital Transformation and Public Service, headed by José Luis Escriva, through the Secretary of State for Telecommunications and Digital Infrastructure, currently headed by María González Veracruz. In this sense, last February, the option of incorporating into SETT the 10% of the State’s participation in Telefónica was considered, but it ultimately remained under the auspices of SEPI and Vice President María Jesús Montero.

SETT, which will have a separate public legal personality and full legal capacity to achieve its objectives, will have its own assets, treasury, management and functional autonomy. The first function will be to promote and implement financing and investments in strategic sectors related to digital transformation, telecommunications, microelectronics, semiconductors, new digital technologies and the audiovisual sector.

Financial implementation will be carried out in two ways. On the one hand, SETT will support existing companies and organizations through loans and subsidies that promote or finance developments in these technological areas, either through direct investments or through investment vehicles in SMEs, new companies and mid-cap companies in these areas of activity. The royal decree specifies that investments must be temporary, except in exceptional cases where the uncertain nature of the investment is justified.

On the other hand, SETT will also invest directly or through investment vehicles in start-ups and organisations aimed at developing digital infrastructure and capabilities, in research infrastructures and pilot areas related to critical digital technologies and the value chain of microelectronics, semiconductors and related technologies. In this case, the investment operations will be minority and will be carried out mainly within the framework of the execution, management and monitoring of the recovery, transformation and sustainability funds that it intends to manage.

SETT will also be responsible for preparing studies and reports, acquiring prototypes and developing technical assistance, consultancy, training and educational activities in the technology sectors. It can also collaborate with the Ministry in the international programs under its jurisdiction and in identifying co-investors. It will also implement the Strategic Project for the Recovery and Economic Transformation of Microelectronics and Semiconductors (PERTE Chip), the Next Tech Foundation and the Spanish Audiovisual Centre Foundation, with the ability to carry out operations and provide support.

In terms of budgets, SETT will manage approximately 20 billion euros, as announced yesterday by Escrivá’s ministry. In this sense, the royal decree refers to the supplement to the Recovery, Transformation and Resilience Plan (hereinafter PRTR), which includes a budget of 10,750 million euros in loans that will be allocated to the CHIP Financing Mechanism to stimulate private sector investment and improve access to financing in the Spanish microelectronics and semiconductor sector, including large manufacturing companies; the Small and Medium Enterprise Promotion Plan, which is promoted by the Next Tech Fund, endowed with 4 billion dollars; and the Spanish Audiovisual Centre Fund, endowed with 1,712 million dollars from the Spanish Audiovisual Centre Plan in Europe. These mechanisms will provide loans and equity or quasi-equity investments (or a combination of both) to private and public sector companies engaged in similar activities.

The economic resources of an enterprise will consist of the assets and values ​​that make up its assets, as well as its products and revenues; specific appropriations provided for in general government budgets; current or capital transfers from administrations or government organizations; income that you can obtain from performing all types of services related to your functions; income received from providing your services; donations, bequests and other contributions from individuals and organizations, as well as other resources.

With regard to financial transactions, SETT may carry out all types of financial transactions and, in particular, may organise active or passive credit and lending transactions in accordance with the conditions established in the General Budget Law.

SETT’s governing bodies include the Board of Governors, the Presidency and the Vice Presidency, and the executive body of the organization will be the CEO.

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