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Signature(s)

Amount
€ 130,000,000
Countries
Sector(s)
The Netherlands : € 5,200,000
Denmark : € 124,800,000
Industry : € 130,000,000
Signature date(s)
28/11/2022 : € 2,200,000
17/12/2021 : € 3,000,000
28/11/2022 : € 52,800,000
17/12/2021 : € 72,000,000
Link to source

Summary sheet

Release date
23 April 2021
Status
Reference
Signed | 17/12/2021
20200130
Project name
Promoter - financial intermediary
GN STORE NORD - HEARING AIDS RDI
GN STORE NORD A/S
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 130 million
EUR 277 million
Location
Sector(s)
Description
Objectives

Research, development and innovation (RDI) investments to develop new hearing and acoustic devices.

The RDI activities focus on innovative solutions in hearing and acoustic technology.

Additionality and Impact

The project concerns a corporate R&D project of innovative company GN Store Nord, a company leading innovation within hearing aid, based primarily in Denmark. The promoter is a knowledge-based technological company focusing on developing novel innovative hearing and audio devices targeting unmet needs with high socio-economic impact. The project further builds on a regional cluster of excellence in hearing aid technology based around Copenhagen. The company's R&D intensity averages 8% annually, which contributes positively towards the EU's 3% R&D intensity target. EIB's involvement will help to ensure that the important benefits of bringing novel hearing aid solutions entailed under this project come to fruition in a timely manner despite the Covid-19 crisis. The products and services developed as a result of the project will improve the possibilities of social inclusion of people suffering from hearing disabilities, while lowering risk of injury and likely postpone dementia onset, therefore the social value of the project is considered to be positive and over and above the financial return.


EIB's contribution to the project stems from the combination of a financial advantage, flexible terms of the loan, and helping to crowd-in other financiers, thereby facilitating its full financing and implementation.

Environmental aspects
Procurement

The RDI activities are expected to be carried out in existing facilities that are already used for the same purposes and that are not expected to change their scope due to the project. An environmental impact assessment (EIA) is therefore not needed as per EIA Directive 2014/52/EU amending Directive 2011/92/EU. The full environmental details will however be investigated by the Bank's services during the project due diligence.

The Promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the Promoter is subject to EU public procurement legislation then the Bank would duly inform the Commission Services and would require the Promoter to apply those rules.

Link to source

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Documents

Environmental and Social Data Sheet (ESDS) - GN STORE NORD - HEARING AIDS RDI
Publication Date
14 Jul 2021
Document language
Main Topic
Lending
Document Number
135860660
Document Focus
Environmental Information
Project Number
20200130
Sector(s)
Regions
Publicly available
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Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
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