The EU bank funds will contribute to the development of new soluble products and more sustainable packaging materials.
The agreement is supported by the support of the European Fund for Strategic Investments (EFSI).
The European Investment Bank (EIB) will provide up to €20 million to finance the research, development and innovation (RDI) strategy of PROSOL, a family business that manufactures and distributes coffee products such as instant (soluble) coffee and single-serving products (capsules). This financing comes under the European Fund for Strategic Investments, which enables the EIB Group to offer increased support for investments fostering innovation, economic growth and employment.
The innovation strategy of PROSOL, located in Palencia, Castilla y León, will focus on boosting digitalisation, artificial intelligence and machine learning in industrial processes, making these more efficient while reducing costs. In concrete terms, PROSOL, a major supplier of Mercadona coffee products since 2002, will develop new soluble products and test alternative packaging materials and processes to make these more sustainable and to reduce the environmental impact associated with the recycling of such materials.
The RDI strategy, to be implemented over the next four years, will strengthen the company’s position in the sectors in which it operates, expanding the range of services and solutions available to its customers. The project pursues the innovation objectives defined in the Europe 2020 Strategy.
EIB Vice-President Ricardo Mourinho Félix, who is responsible for the Bank's operations inSpain, said: “Innovation and digitalisation are essential to boost the competitiveness and growth of our companies and the creation of qualified jobs. That is why we are very proud to support PROSOL’s RDI strategy, promoting the development of more efficient production processes as well as of new and more sustainable products with greater added value.This project demonstrates the EIB’s firm commitment to innovation and green investment as key instruments to promote an inclusive economic recovery in Spain and Europe.”
Rocío Hervella Durántez, the founder and CEO of PROSOL, said: “For the PROSOL team, the signing of this loan with the EIB is a key milestone in terms of our corporate maturity and how we contribute to protecting society. In applying for the loan, the company is demonstrating its deep commitment to the future. The fact that it has been granted by the EIB serves as recognition of PROSOL’s secure position and is a source of genuine personal pride.”
Innovation and skills development are essential ingredients in bringing about sustainable growth and the creation of highly skilled jobs. Both play a key role in achieving long-term competitiveness. This is why financing innovation is one of the EIB’s top priorities. In 2019, the EU bank provided €14.44 billion to finance different RDI projects. In Spain alone, last year the EIB made available over €1.32 billion in support of the innovation projects of Spanish companies.
The EU climate bank
The EIB is the world’s largest multilateral provider of climate finance. Its goal is to be a leader in mobilising the finance needed to limit the average global temperature increase to 1.5°C compared to pre-industrial levels in order to meet the Paris Agreement objectives. On 14 November 2019, the EIB Board of Directors approved its new climate objectives and the new energy lending policy. The Bank will gradually increase its financing for climate and environmental objectives up to 50% by 2025, with the goal of ensuring that the EIB Group mobilises at least €1 trillion in the critical decade between 2021 and 2030 to promote investments helping to meet these objectives. It also announced its intention to align all EIB Group activities with the Paris Agreement. To this end, the EIB will cease financing fossil fuel-based projects from late 2021.
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