The oil and gas company is setting up a $55.5m impact fund that will be overseen by Luis Casado Padilla, fomerly a director as its corporate venturing fund.

Luis Casado Padilla, head of Spain-based oil and gas supplier Repsol’s corporate venturing unit, has moved to the company’s foundation to set up a €50m ($55.5m) impact investment fund.

Padilla said the Social Investment Fund at Repsol Foundation would support “startups with a double ambition: helping to solve relevant challenges around energy transition and environment and having a positive impact on the most vulnerable people in our society”.

The move comes after nearly two and a half years as corporate venturing director at Repsol, with Padilla’s deals including 3D printing company Recreus in March this year. The existing unit will remain independent of the new investment fund, he said.

Photo of Luis Casado Padilla courtesy of LinkedIn.