The European Investment Bank (EIB) has granted a EUR 50 million loan to Industria de Turbo Propulsores, S.A. (ITP) to support its aeronautic research, development and innovation projects and the development of technologies in new areas. The loan agreement between the EIB and ITP was signed in Madrid today.
The EIB-financed project has two components: RDI to develop aircraft engine parts, including low pressure turbines (for a new generation of twin-aisle aircraft), compressors, exhaust nozzles and radial structures, with special emphasis on enhancing energy efficiency and reducing fuel consumption, weight, noise and the life-cycle cost; and investment aimed at developing project-related technology, process engineering and tooling.
This project is in line with EU policy of greening air transport and reducing emissions (including greenhouse gases) with a view to protecting the environment and people’s health. The RDI investments will help to develop the knowledge base and increase the industry’s competitiveness.
The activities under the project will be carried out at ITP’s R&D facilities in Ajalvir (Madrid) and Zamudio (Bilbao) and generate around 200 new jobs. This is the EIB’s first operation with ITP.