- The EIB will lend EUR 69 million for improvements, research and development of prosthetic and bracing & supports products;
- Icelandic company Össur is a global leader within prosthetics and bracing & supports, improving the quality of lives for millions of mobility impaired individuals;
- The EU Bank’s loan to Össur is guaranteed by the European Union’s InnovFin Emerging Innovators facility under Horizon 2020
The European Investment Bank will support Össur, an Icelandic medical technology company and lend EUR 69 million for research and development of new, innovative solutions in prosthetics and bracing & supports, expected to improve quality of life for millions of mobility-impaired people around the world. The EU Bank’s investment in Össur is guaranteed by the European Union’s InnovFin Emerging Innovators facility under the EU Framework Programme for Research and Innovation, Horizon 2020.
Össur’s research and development addresses the ongoing and unmet global needs for improved prosthetic and bracing & supports technology. The company’s products are designed to improve mobility and quality of life for people living with different medical conditions, from amputations as a result of diabetes or vascular diseases, to those mobility-impaired as a consequence of trauma.
The EIB loan to Össur will be utilized in the product development cycle from evaluation of initial concepts to clinical trials and patent registration. At the same time the loan will increase the global knowledge and know-how in the area of prosthetics and bracing & supports and facilitate knowledge exchange between relevant research institutes and universities around the world.
EIB Vice President Andrew McDowell, said: “European Investment Bank is pleased to support innovative companies that improve the quality of life of European citizens, especially those with mobility-impairments. Our financing of Össur’s research and development will support the delivery of innovative products that could benefit millions of people. As the EU bank, the EIB is keen to work with innovators in Iceland and other partner countries that contribute to Europe’s leadership in R&D, innovation and quality of healthcare.”
Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth, said: “Innovation can provide new solutions for people with disabilities and improve the quality of their lives. This investment will help develop innovative solutions for people with impaired mobility, leading to a more independent lifestyle.”
Blending of the EU guarantees through mechanisms such as InnovFin and the EIB finances allows European companies to further invest in R&D activities and maintain their global, long-term competitiveness through the high quality of their R&D and knowledge, as well as highly skilled staff. Close to 60% of Össur’s employees are based in Europe.
InnovFin financing tools cover a wide range of loans, guarantees and equity-type funding, which can be tailored to innovators’ needs. Financing is either provided directly or via a financial intermediary, most usually a bank or a fund. InnovFin is available across all eligible sectors in EU Member States and Associated Countries, under the EU Research and Innovation Framework Programme Horizon 2020. For more information please follow this link.
About the InnovFin Emerging Innovators
InnovFin Emerging Innovators bridges the research and innovation (R&I) investment gap in EU Member States, labeled as Moderate Innovators and Modest Innovators in the European Innovation Scoreboard and Horizon 2020 Associated Countries. The InnovFin Emerging Innovators improves availability of risk finance for fast-growing or R&I-driven enterprises, R&I infrastructures, innovation-enabling infrastructures and other entities. The funding is being made available by the European Investment Bank or through a financial intermediary via loans and equity-type financing starting at EUR 7.5 million. For more information please follow this link.