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    Reference: 20200484
    Release date: 13 July 2021

    Promoter – Financial Intermediary




    The Promoter develops and manufactures intelligent electric heating, cooling and ventilation and renewable energy solutions. The project concerns the Promoter's research, development and innovation (RDI) investments in the development of intelligent electric space and water heating, cooling and ventilation solutions for residential and industrial applications for the period 2021-2024.


    The main pillars of the research and development (R&D) are sustainability, energy efficiency and low-carbon innovation, and overall, the project objectives include improved energy efficiency and further development of low carbon technologies, additional functionality through the development of smart controls and Internet of Things applications, and the development of intelligent functions using Machine Learning principles.


    Proposed EIB finance (Approximate amount)

    EUR 75 million

    Total cost (Approximate amount)

    EUR 122 million

    Environmental aspects

    The project concerns investments in research and development that are expected to be carried out in existing facilities without changing the already authorised scope, and as such do not fall under the EIA directive. The results of this R&D project are expected to contribute to improving the sustainability of solutions, primarily in terms of improved energy efficiency and decarbonisation of the sector. All environmental aspects including the project's contribution to climate and environment, as well as the overall environmental impact, will be assessed during appraisal of the project.


    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 appraisal the EIB were to conclude that the Promoter is after all subject to EU public procurement legislation (Directive 2014/24/EU or 2004/18/EC where applicable), then the Bank would require the Promoter to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2014/24/EU or 2004/18/EC where applicable), as well as Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with the publication of tender notices in the Official Journal of the EU, as and where required.


    Signed - 8/07/2021


    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).

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