The funding will support Saviola’s research and development activities over the period 2022-2025
Thanks to the EIB’s support, Saviola will reduce its energy consumption by 22%
Promoting the circular economy through the production of eco-friendly panels and 100% green furniture is the main objective of the European Investment Bank (EIB)’s €115 million loan to the Saviola Group, a leading Italian company in the production of chipboards and recycled wood furniture.
The loan announced today will support Saviola’s investments over the period 2022-2025, helping to further improve the sustainability of the production phases of the company, which annually recycles some 1.5 million tonnes of post-consumer wood.
The proposed investments aim to develop new products and production processes while, at the same time, modernising and expanding Saviola’s production capacity by reducing its energy consumption.
Thanks to the funding provided by the EU bank, Saviola will become more competitive via state-of-the-art and sustainable production facilities, making its internal processes more flexible and environmentally friendly. This EIB loan will help promote the circular economy, reduce the environmental impact of production processes and create jobs. It is estimated that development of the new production lines will cut CO2 emissions per unit of product by about 22%.
“This operation signed with Saviola aims to promote the transition to a circular economy, a key element in achieving the objectives of the European Green Deal, and confirms the EU bank’s commitment to supporting the growth of Italian businesses,” said EIB Vice-President Gelsomina Vigliotti.
“Sustainability has always been in our DNA as we have been implementing a post-consumer wood collection, recycling and production system since the 1990s.We want to continue on this path through increasingly sustainable and green technologies and facilities, pursuing quality and technological innovation, including via these financing operations," said Alessandro Saviola, Chairman of the Saviola Group.
The European Investment Bank (EIB) finances projects in four priority areas: infrastructure, innovation, climate and environment, and small and medium-sized enterprises (SMEs). Between 2019 and 2021, the EIB Group provided more than €36 billion in financing for projects in Italy.
Saviola Group is the leading company in the field of post-consumer wood harvesting and processing, known internationally as The Eco-Ethical Company. The group has founded its activities on the core principles of the circular economy, placing sustainable development at the heart of its business model. Founded in 1963, Saviola’s industrial system currently has four business units, 1 500 employees and partners, 14 plants in Italy and across the globe, with a Europe-wide network of Ecolegno centres that collect used wood (old furniture, pallets, fruit boxes, etc.), the raw material for the 100% recycled wood panels used in the furniture supply chain.
The European Union’s largest public promotional banks and institutions - Bank Gospodarstwa Krajowego (BGK - Poland), Caisse des Dépôts Groupe (CDC - France), including Bpifrance, the French investment bank, Cassa Depositi e Prestiti (CDP - Italy), Instituto de Crédito Oficial (ICO - Spain) and Kreditanstalt für Wiederaufbau (KfW - Germany) – and the European Investment Bank (EIB) decided to prolong their joint initiative on circular economy (JICE) beyond the original timeframe of 2023. At the same time, the partners decided to open their initiative to further interested and committed European public promotional banks and institutions.
Covestro has agreed a loan with the EIB for EUR 225 million. The loan will provide medium term funding to strengthen Covestro’s research and development (R&D) work in the areas of sustainability and circular economy within the European Union.