Release date: 31 July 2019
Promoter – Financial Intermediary
ALMOTIVE KFTLocation
Description
The project will finance the company's investments in research, development and engineering activities in the area of autonomous driving solutions based on artificial intelligence technologies and products.
Objectives
The project is expected to enable development, market acceptance and deployment of highly-automation and autonomous driving vehicles. Capital and operating expenditures (mainly ICT equipment, materials and tooling), including the permanent increase of indirect costs and working capital to support the growth of the company, will be incurred in Hungary.
Sector(s)
- Services - Information and communication
Proposed EIB finance (Approximate amount)
EUR 20 million
Total cost (Approximate amount)
EUR 40 million
Environmental aspects
The project activities are expected to be carried out in existing facilities without changing the already authorised scope and would therefore not require an environmental impact assessment (EIA) under Directive 2014/52/EU amending the EIA Directive 2011/92/EU. The Bank's Services will review during the project appraisal any other environmental details of the project.
Procurement
The company is a private sector company not operating in the utilities sector and not having a status of a contracting authority. Thus, it is not covered by the EU Public Procurement Directives.
Status
Signed - 14/12/2018
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).