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Signature(s)

Amount
€ 12,500,000
Countries
Sector(s)
Sweden : € 12,500,000
Industry : € 12,500,000
Signature date(s)
20/12/2023 : € 12,500,000
Link to source

Summary sheet

Release date
8 August 2023
Status
Reference
Signed | 20/12/2023
20230105
Project name
Promoter - financial intermediary
PROJECT SMART COOL (IEU TI)
BRAINCOOL AB (PUBL)
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 12 million
EUR 25 million
Location
Sector(s)
Description
Objectives

The promoter is a medical device innovator focusing on medical cooling technology. The project will support the promoter's investments in research, development and innovation (RDI) to accelerate the refining of its product portfolio, perform further clinical studies and develop additional complementary products which can broaden the indications for use, thereby expanding the promoter's ability to improve patient outcomes.

The aim is to contribute to improve the lives of stroke, cardiac arrest and oncology patients (among other indications), bringing significant medical benefits to the healthcare sector.

Additionality and Impact

The purpose of the loan is to provide direct equity-type financing under the Thematic Innovation window of InvestEU, benefiting from the EC guarantee, to finance research and development activities of the Company's innovative medical cooling technology that addresses indications and areas of significant medical added value within the healthcare sector, namely, stroke, sudden cardiac arrest, and oncology (among other indications).


The financing of this project addresses the failure in the financial markets for RDI-driven European SMEs suffering from systemic shortages of large, non-dilutive financing options for growth investments. Creation of knowledge and support of skilled jobs in Sweden will further contribute positively towards the EU's 3% RDI intensity target. Currently, the Company does not have access either to non-dilutive or to long-term debt funding sources in the necessary amount. Due to the volatility of European markets which has significantly increased in 2022, access to both equity markets and commercial debt providers has been highly limited for innovative but risky companies such as BrainCool.


Structuring the financing as venture debt caters to the investment needs of the Company, with a long tenor and PIK interest minimising cash outflows during the investment period, while most of the EIB remuneration will be driven by the equity kicker.


The operation could not be done without InvestEU support.

Environmental aspects
Procurement

The project concerns investments in research and development activities carried out by the promoter and its partners in existing facilities without changing their already authorised scope. The related RDI activities do not fall under either Annex I or Annex II of the Environmental Impact Assessment (EIA) Directive 2011/92/EU (amended by Directive 2014/52/EU). Full environmental details will be verified during appraisal.

The EIB requires that all project contracts are procured in accordance with the applicable EU procurement legislation.

Milestone
Under appraisal
Approved
Signed
18 December 2023
20 December 2023
Related projects
Link to source
Other links

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) - PROJECT SMART COOL (IEU TI)
Publication Date
20 Dec 2023
Document language
Main Topic
Lending
Document Number
174432587
Document Focus
Environmental Information
Project Number
20230105
Sector(s)
Regions
Countries
Publicly available
Download now

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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.
Alternatively, the EIB can be contacted through its external offices.
Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

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Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

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The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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