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    Reference: 20210566
    Release date: 22 December 2022

    Promoter – Financial Intermediary




    The project concerns the Promoter's investments (2022-25) in research and development for innovative powertrain technologies for application in battery electric vehicles and plug-in hybrid electric vehicles. It specifically includes investments for technologies in the field of high-voltage integrated power electronics systems, high-voltage battery management systems, electric motor systems, high-voltage inverters and high-voltage DC-DC converters.

    Additionality and Impact

    The project concerns the promoter's investments for developing innovative technology solutions for electric vehicles, including high-voltage charging box, battery management system, electronics machine reducer, inverter solutions. It will create the conditions for their accelerated and wider market adoption, will contribute to further knowledge creation, accumulation and diffusion, and will support the development of a relevant ecosystem of technology companies and the necessary skills through reskilling and upskilling of existing employees. These investments contribute to the EIB "Innovation, Digital and Human Capital" public policy objective, to the EIB Climate Action and Environmental Sustainability policy objective, and a part of them 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 electrification technologies, and those addressed by projects with positive environmental and knowledge externalities generation.

    The promoter's R&D capability and well-structured organisation, its focus on product and technology R&D, 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 and social dimensions, contribute to address and mitigate market failures, and through its additionality, contribute to the Bank's policy objectives.

    The EIB Loan supports the company`s financing structure by diversifying its funding sources, advantageous funding terms, flexible drawdown terms as well as  catalysing effect on crowding-in other financiers, thereby facilitating the project's financing and full implementation.

    The Bank's technical contribution and advice is primarily explained by the guidance provided to align the project scope with policy objectives at project origination.


    The project will contribute to further develop innovative electrification technologies suitable to improve electric vehicle performance, enhance their overall energy efficiency, reduce their manufacturing cost and then final price, and therefore lower the barriers to the adoption of electric vehicles in the market.


    Proposed EIB finance (Approximate amount)

    EUR 250 million

    Total cost (Approximate amount)

    EUR 608 million

    Environmental aspects

    The project's research and development activities do not fall under the Annexes of the EU Directive 2014/52/EU amending the EIA Directive 2011/92/EU. Therefore, the activities are not subject to a mandatory environmental impact assessment (EIA).


    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.


    Signed - 8/12/2022


    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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