Summary sheet
The project concerns the promoter's investments in: (i) research and development (R&D) and manufacturing deployment of hydrogen technology for mobility applications, more specifically in the fields of hydrogen storage systems and fuel cell stack systems; (ii) R&D in the fields of vehicle advanced driver assistance systems and driver monitoring systems, focusing on the improvement of vehicle, driver and pedestrian safety.
The project will contribute to develop innovative hydrogen fuel cell technology systems and solutions suitable to improve the affordability, energy efficiency, performance and therefore adoption in the market of hydrogen mobility and vehicle electrification, by contributing to remove the remaining barriers to adoption. The project component focusing on ADAS and driver monitoring systems will contribute to increasing the level of safety of vehicles for drivers, occupants and pedestrians along with the level of comfort and efficiency of driving operations.
The project concerns the promoter's investments in in the fields of hydrogen and fuel cells technologies, for vehicle electrification and decarbonisation, and technologies for the automation and increased safety of passenger car. It will create the conditions for their accelerated and wider market adoption. It will contribute to further knowledge creation, accumulation and diffusion through collaborations with industry and academia and patenting, will support the development of a relevant ecosystem of technology companies and the necessary skills also through reskilling and upskilling of existing employees. The investments contribute to the Bank's "Innovation, Digital and Human Capital" public policy objective; a part of them contribute to EIB Climate Action and Environmental Sustainability policy objective and to the EU's economic, social and territorial Cohesion policy objective. EIB financing supports the promoter's investments addressing the market failures and gaps associated with imperfect competition and incomplete markets for innovative hydrogen fuel cell and vehicle automation and driver monitoring technologies, and those addressed by projects with positive environmental, safety and knowledge externalities generation.
The promoter's R&D capability, its strong focus on innovation and sustainability, its technology edge, industrialisation capability and strong ecosystem of partners, along with its experienced management will help implement a sound and sustainable project, integrating positive environmental, safety and social dimensions, contribute to address and mitigate market failures, and through its additionality, contribute to the Bank's policy objectives.
EIB's involvement provides a highly flexible financial product to the client allowing access to the liquidity needed for the relevant capex investments required for hydrogen technologies investments and ADAS.
By allowing the client to diversify its sources of funding and consolidate its liquidity position in the current context, the EIB loan sends a strong message of support to the Counterpart in the market. the EIB loan is expecting to play a catalyst effect on both the debt and the equity market. in light of the investments needed the loan is expected to be drawn at signature.
The Bank's technical contribution and advice is explained by the guidance provided to align the project scope with policy objectives at project origination.
The project's R&D activities are not mentioned under the EIA directive. However, the project includes also activities in different sites that require the storage of hydrogen which falls within the projects listed in Annex II of the EIA Directive 2014/52/EU amending Directive 2011/92/EU. During the appraisal, the Bank will review the applicable process in the different project sites, the status of the environmental approval process and the Promoter's relevant obligations, as well as all the environmental, health and safety issues. The project's outcomes are expected to have a strong positive environmental contribution as they will contribute to the decarbonisation of the transport sector, and especially of applications (long-haul trucks) where suitable and economically viable electrification solutions are far from mature stages of development and deployment.
The Promoter is a private company not operating in the utilities sector and not having the status of a contracting entity, and thus is not subject to EU rules on public procurement. Under these conditions, the procurement procedures followed by the Promoter are suitable for the project.