Germany: EIB promotes smart energy projects
- Oct 25, 2018
The EIB is lending over EUR 20 million to tado GmbH, Munich, a leading market player in smart home climate management, which intends to use the funds to step up its research and development activities. The EU bank’s loan is backed by a guarantee from the European Fund for Strategic Investments (EFSI).
- EU bank advances EUR 20 million to tado°
- Financing provided under Investment Plan for Europe (“Juncker Plan”)
The European Investment Bank (EIB) is lending over EUR 20 million to tado GmbH, Munich, a leading market player in smart home climate management, which intends to use the funds to step up its research and development activities. The EU bank’s loan is backed by a guarantee from the European Fund for Strategic Investments (EFSI). EFSI is an essential pillar of the Investment Plan for Europe – also known as the Juncker Plan – under which the EIB and the European Commission are working together as strategic partners and the EIB’s financing operations are boosting the competitiveness of the European economy.
EIB Vice-President Ambroise Fayolle, who is responsible for operations in Germany and EFSI at the Bank, said: “Climate change is one of the greatest global challenges of our time. To cope with its effects, we must act quickly, efficiently and innovatively. I therefore particularly welcome the fact that we have gained a new private sector partner in tado°, which can assist us on the path to better climate protection. With its internet-based smart thermostats, which adjust heating to residents’ behaviour, tado° is breaking new ground in reducing energy consumption sustainably. This modern, efficient and innovative approach is precisely what the EU bank, the world’s largest multinational finance provider for climate change projects, is aiming at, with the support of the Juncker Plan.” And he added: “tado° is an excellent example how EIB’s financing helps to crowd in private investors”
Around 30% of the world's energy consumption is used for heating and air-conditioning in buildings; in Europe, heating and cooling even account for half of total EU energy demand. “We are convinced that in the future all buildings will be intelligently heated and cooled, considerably reducing energy consumption. With the capital from the European Investment Bank we have the opportunity to expand our range of products and services and to massively increase our market penetration,” stated tado°’s CEO Toon Bouten.
European Commission Vice-President for the Energy Union Maroš Šefčovič said: “The fight against climate change starts 'at home' by making our buildings smart and energy efficient. We therefore need practical innovative solutions, such as the one from tado°, supported by the EIB and the EFSI. It helps us walk the walk on the Paris Agreement and make the clean energy transition tangible for people. It proves that our 'energy efficiency first' principle is more than just a slogan.”