Webasto Energy Efficiency and Safety

Promoter – Financial Intermediary

Webasto AG

Location

• Germany

Description

The project concerns the promoter’s RDI (Research, Development and Innovation) expenditures, focusing on the temperature regulation in the vehicle interior through: (i) air conditioning systems; (ii) auxiliary heating systems; (iii) engine block heating systems for passenger cars and commercial vehicles; and (iv) roof systems.The planned RDI investments also include the development of fuel cells as a source of energy and overall contribute to the reduction of CO2 emissions. In addition, the project includes a substantial capital expenditure component in a manufacturing plant in Romania.

Objectives

The project aims at improving the promoter’s technological position, especially with respect to the development of innovative products and technologies that regulate the temperature in the interior of passenger cars and commercial vehicles, including electrically powered vehicles. As such, the investments are eligible for EIB financing under the Treaty’s Article 267 c) “Knowledge Economy (i2i)” – “Research, Development and Innovation” and correspond to the policy orientations laid out in the Lisbon strategy, i.e., to promote innovation and to foster the competitiveness of European businesses. The project would also potentially qualify under the Bank’s European Clean Transport Facility (ECTF), as the promoter’s R&D activities are centered on energy efficiency of various types of automotive heating systems, therefore directly contributing to the reduction of CO2 emissions.

Comments

The project would be partly eligible under the Risk Sharing Finance Facility (RSFF). The Risk Sharing Finance Facility (RSFF) is an innovative credit risk sharing scheme jointly set up by the European Commission and the European Investment Bank  to improve access to debt financing for private companies or public institutions promoting activities with a higher financial risk profile in the fields of  research, technological development, demonstration and innovation investments.

Sector(s)

• Industry

Proposed EIB finance (Approximate amount)

EUR 100 million.

Total cost (Approximate amount)

EUR 330 million.

Environmental aspects

The project concerns investments in research and development that will be carried out in existing facilities already authorised, as well as some capital expenditure. Whether an EIA is required by EIA Directive 85/337/EC, amended by Directive 97/11/EC will be verified by the Bank’s services during appraisal. Overall, the project is expected to have a positive impact on the environment, as the targeted innovations are focusing on energy efficiency and contribute to CO2 emission reduction.

Procurement

Procurement is expected to be in line with EIB guidelines for private sector projects. The Bank’s services will verify details during the project’s due diligence.

Status

Signed - 18/12/2009