Summary sheet
The project comprises a selection of the Promoter's investments in Research, Development and Innovation (RDI) activities on new technologies and innovative products, as well as investments in infrastructure and equipment to upgrade its production capabilities. The project includes also partly, investments to improve organisational processes through digitalisation and in cybersecurity. The investments will be carried out in Spain over the period 2025-28.
The project aims to support the Promoter in advancing cutting-edge technologies in the areas of photonics, embedded electronics, and tactical communications, thereby strengthening the competitiveness and resilience of the European supply chain for these technologies. Additionally, its objectives include establishing a dedicated research and development centre, expanding manufacturing capacity, and enhancing digital and cybersecurity infrastructure to foster innovation and improve overall operational resilience.
The project is in line with the InvestEU objectives of research, development and innovation, and also the development of the defence industry to support the Union's strategic autonomy.
The project is designed to support the Company's research, development, and innovation activities, enhancing its competitive position and contributing to the industrial competitiveness and resilience of Europe's security and defence supply chain.
It qualifies for EIB financing under the Innovation, Digital, and Human Capital (IDHC) public policy goal, within the Competitive Industries sub-objective. The investments are consistent with EU policy priorities set out in the Horizon Europe Strategic Plan 2025?2027, notably Cluster 3 (Civil Security for Society) and Cluster 4 (Digital, Industry, and Space), which promote key digital technologies, low-carbon solutions, and clean industries.
The financing supports RDI activities that generate significant positive externalities in knowledge and technology through the development of innovative products and services, as well as the advancement of skills. It addresses market failures by expanding the competitive space for emerging technologies in response to imperfect competition and overcoming financial barriers associated with the uncertainty of RDI outcomes.
The EIB will provide the Borrower with long-term financing under flexible and tailored conditions, extending the average debt maturity and strengthening the Company's financial position. The Bank's involvement also serves as a validation of the Project's strategic relevance and quality.
The project would not have been carried out to the same extent by the EIB without the InvestEU support.
Part of the project concerns the construction of a new research and development centre that might fall under the Annex II of the Environmental Impact Assessment Directive 2011/92/EU as amended by Directive 2014/52/EU in relation to urban development. The environmental details will be verified during the project appraisal.
The Promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the Promoter is subject to the EU public procurement legislation then the Bank would duly inform the Commission Services and would require the Promoter to apply those rules.