- EIB lends EUR 50 million to Prodrive Technologies for research, development and innovation (RDI), and expansion plans
- RDI activities to range from power-electronics to embedded computing and industrial automation
- Project backed under European Fund for Strategic Investments, main pillar of “Juncker Plan”
The European Investment Bank is providing a EUR 50 million loan to Prodrive Technologies, a Dutch tech company active in the design and manufacturing of electronics, software and mechanics. Prodrive will use the financing to support an ambitious RDI programme for its large range of products, systems and solutions in different sectors, as well as the expansion of related manufacturing capacities to facilitate the company's growth. The EIB loan is provided under the European Fund for Strategic Investments (EFSI), a key element of the Investment Plan for Europe, also known as the Juncker Plan.
“The loan to Prodrive Technologies represents an important contribution to supporting the high-tech, midcap market in the Netherlands and its underlying RDI foundations. The EIB is proud to support such an innovative company during this exciting phase in its growth and development by providing a strong component of a stable and reliable funding structure,” said EIB vice-president Lilyana Pavlova.
European Commissioner for the Economy, Paolo Gentiloni, said: “Prodrive is clearly an ambitious company with its sights set on expanding. With the EUR 50 million the EIB is providing the company under the Investment Plan’s guarantee, Prodrive can realise its ambitions to develop new technologies and produce even more innovative products. Time to shift into a higher gear!”
“The loan of the EIB is a major milestone for Prodrive Technologies and it underlines our strong track record of innovation and value creation in the market. We recognize the EIB’s commitment as a solid confirmation of the significance of our activities on a European level. This step will further boost the investments in our technology programmes and manufacturing roadmaps and contribute to our ambitious growth,” said CEO of Prodrive Technologies, Pieter Janssen.
The company’s extensive product portfolio includes embedded computing, power conversion, automation and control systems, vision and image processing systems and environmental sensing. The main markets that will benefit from Prodrive’s EU-supported RDI-activities are applications in the semiconductor, automotive, energy, infrastructure, industrial and medical sectors.
The EIB loan supports Prodrive’s developments in making a positive contribution towards a sustainable future through the United Nations Sustainable Development Goals (SDGs). The financing allows Prodrive to further expand and improve its innovative climate and RDI capabilities, thereby advancing SDG 9; Industry, Innovation and Infrastructure. Through the development of energy-efficient charging equipment and further electrification of vehicles, as well as improving energy efficiency of products for semiconductor, medical and infrastructure markets, Prodrive contributes to SDG 12; Responsible consumption and production.
Background information:
Prodrive Technologies a Dutch tech company active in the research, development and manufacturing of electronics, software and mechanics. Their extensive product portfolio ranges from embedded computing, motion & mechatronics, power conversion, automation & control systems, vision & image processing systems and environmental sensing. Applying the latest technologies to rapidly develop tailor-made products and using the latest automated manufacturing processes to realize efficient manufacturing combined with superior output quality.
