TECHEU VD ROSI PV PANEL RECYCLING (IEU GT)

The project consists of the (i) activities in research, development and innovation (RDI) to further develop the technology for the recycling of high purity silicon, silver and copper from production and product waste from the photovoltaic (PV) industry, and (ii) construction (in two steps) of two commercial PV module recycling facilities. The project is located in France, Spain and Germany.

The project objective is to demonstrate at a larger scale a new and innovative process for the recycling and revalorisation of high purity raw materials such as high purity silicon, silver, and copper from production and product waste of PV industry. Currently available technologies to recycle used PV panels do not let the recovery of high purity materials (e.g., silicon metal) to ensure full circularity as those technologies are largely based on mechanical processes, which do not allow to separate individual high value materials. Furthermore, silicon metal is considered a critical raw material (CRM) by the European Union. It is a key material used among others in PV industry and hence supports the decarbonisation of energy. The silicon metal production and PV panels manufacturing is highly dominated by China today (>80% of the market). Hence, the implementation of this process would support to a certain extend the implementation of a more complete supply chain for PV panels in Europe, leading to an increased resilience in terms of supply risk. Furthermore, recycling technologies are considered key in terms of resource efficiency and play an important role as well in reaching decarbonisation and energy efficiency targets of the EU.

The Project is in line with the InvestEU objective for environment and resources, in particular with respect to projects and enterprises that implement the circular economy, as defined in the Annex II of the InvestEU Regulation.

The Project is eligible under Article 309 point (c) Common interest and qualifies under the Bank's public policy goals for (i) "Sustainable Energy and Natural Resources" and (ii) "Innovation, Digital and Human Capital".

This Project supports the financing of an innovative, high-growth company that revalorizes strategical and critical raw materials, contributing to decarbonisation and a lower environmental footprint. This project eases financial constraints for a start-up that arise from information asymmetries caused by the lack of track record and high screening costs for small investments.

The Project addresses several market failures related to financing of small, innovative, and high-growth company.

Part of the Project is expected to benefit the local economy in Teruel, Spain, an area supported by the EU Just Transition Mechanism.

EIB's involvement provides high-risk financing alongside excellent customized terms. This operation could not be executed without the guarantee from InvestEU for eligible venture debt transactions.

Compliance with the environmental "acquis", notably Environmental Impact Assessment (EIA) Directive 2014/52/EU amending the EIA Directive 2011/92/EU, will be assessed during appraisal, as well as compliance with the Industrial Emissions (IED) Directive 2010/75/EU and other applicable environmental acquis.

The promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions. However, if after the project appraisal, the EIB were to conclude that the promoter is after all subject to EU public procurement legislation (Directive 2014/24/EU or 2004/18/EC, where applicable), then the Bank would require the promoter to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2014/24/EU or 2004/18/EC, where applicable), as well as Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.