Reference: 20170815
Release date: 26 October 2018

Promoter – Financial Intermediary




The project covers the promoter's Research, Development and Innovation activities with the aim to improve and extend its smart climate control products and services portfolio, capital expenditures related to the renting business model of its smart thermostats and new customised manufacturing assets, operational expenditures related to the development of the value chain, logistics and after sales support and the increase in working capital linked to the projected company growth. The project will take place between 01/01/2018 and 31/12/2020.


The objective is to support the growth of an innovative small and medium-sized enterprise (SME) in the EU, focused on the development and sales of smart home thermostats and smart home climate control solutions.


Proposed EIB finance (Approximate amount)

EUR 20 million

Total cost (Approximate amount)

EUR 45 million

Environmental aspects

The project's activities do not fall under any of the annexes of the Directive 2014/52/EU amending the Environmental Impact Assessment (EIA) Directive 2011/92/EU. Moreover, they are expected to be carried out in existing, already-authorised facilities that will not change their scope due to the project. As such, it is unlikely that the local environmental competent authorities have required an EIA for the project. However, the environmental details will be assessed during the appraisal.


The promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions. However, if after the project's appraisal, the EIB were to conclude that the promoter is after all subject to EU public procurement legislation (i.e. Directive 2014/25/EC), then the Bank would require the promoter to ensure that contracts for the implementation of the project would be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2014/25/EC and Directive 92/13/EEC) as interpreted by the Court of Justice of the European Union, with the publication of tender notices in the Official Journal of the European Union, as and where required.


Signed - 27/07/2018


Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

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Germany Industry