EIB Vice-President Plutarchos Sakellaris, responsible for operations in Denmark stated on the occasion: "Promoting a Competitive Knowledge Economy is a key priority of the European Union and EIB, and we currently provide some EUR 7 billion annually in loans for research and development. The Grundfos research and development activity will have a positive catalytic effect throughout the value chain of environmental friendly pump technology. It will also give a significant boost to the innovation sector in Denmark and Europe. We look forward to working with Grundfos and other players in Danish industry to support this activity".
The RDI activities of Grundfos aim to increase the environmental friendliness, improve operating performance and enhance intelligent electronic steering of pump technology. These activities contribute to promoting knowledge, competitiveness and technological expertise, allowing Grundfos to consolidate its position as one of the world's leading pump manufacturers focusing on energy efficiency.
The project is in line with the key European objective to increase and reinforce investment in human capital, as well as research and innovation in order to strengthen the scientific base of European industry.
Background Information
The European Investment Bank, (EIB), the Bank promoting European objectives and financing European projects, provides capital investment aimed at modernising the economies of the Member States and the countries close to the Union. In 2007, the EIB lent a total of EUR 47.8 billion. The Bank's priority objectives include:
- EU cohesion and convergence
- Small and Medium Sized companies (SMEs)
- Environmental sustainability
- EU economy transformation into a knowledge based economy-Lisbon Agenda-Initiative 2010(i2i)
- Trans-European Networks (TENs) for transport and energy
- Secure, sustainable and competitive energy supplies
In the five-year period 2004-2008, the European Investment Bank provided a total of EUR 1.9 billion for projects in Denmark. Industry and services in Denmark have received 41% of EIB total lending over the last five years for the production of equipment, chemical and consumer goods mainly for research and development, as the country has a very forward-looking private sector.