The European Investment Bank (EIB) is providing a EUR 150 million loan to AB Electrolux for the development of more energy-efficient, more user-friendly and better performing white goods and small electric household appliances.
The EIB loan will enable the company to develop innovative household goods that will consume less electricity and use fewer resources, such as raw materials in production or water during operation. Moreover, the research activities aim to increase the use of recycled materials in the production of kitchen and laundry products, which will also have improved end-of-life recyclability. The new household goods will ensure a better performance and comply with EU legislation on energy labelling and eco design, meeting tougher standards in terms of energy consumption, noise levels, pickup performance and emission limits.
Jonathan Taylor, EIB Vice-President responsible for lending in Sweden, stated, “We are pleased to be able to sign this agreement with Electrolux, as this project with its strong environmental component will contribute to achieving a resource-efficient and climate change resilient economy and society.”
Electrolux’s research, development and innovation activities will be carried out mainly in Sweden, Italy and Germany, maintaining a high level of R&D personnel and highly skilled staff. They also will involve close cooperation with European universities and research laboratories, helping to disseminate cutting-edge technologies. EIB Vice-President Jonathan Taylor commented, “Projects such as this strengthen the competitiveness of European companies, thus enhancing Europe’s position as a major technology supplier and supporting skilled employment opportunities.”
This project is a continuation of the EIB’s successful cooperation with Electrolux. Including the current operation, the EIB has provided four loans to Electrolux, making the company’s financing more cost-efficient and extending the maturity profile of its debt.
The European Investment Bank (EIB) signed a €250 million loan agreement with AB Electrolux in Stockholm today. The Swedish white goods and home appliances manufacturer will use the financing to boost its research and development in the areas of energy efficiency and digitalisation. The financing signed today is the fourth EIB operation with Electrolux and comes after a similar facility signed in 2015, which also highlights the need for continuing innovation in areas such as energy efficiency in the face of climate change.
The EIB is lending EUR 50 million to Gorenje Gospodinjski aparati d.d., one of the leading European traditional manufacturer of household electrical appliances. The EIB loan will have a maturity of up to 7 years and will finance the company’s 4-year research, development and innovation expenditure programme aimed at strengthening its innovative capacity by developing new domestic appliances and upgrading its existing product range.
The EIB has granted a loan of EUR 125m for the global research, development and innovation programme of Danish engineering company FLSmidth. The financing is dedicated to supporting R&D activities for the cement and minerals (mostly non-ferrous metals) processing industry.