Signature(s)
Summary sheet
The project concerns the promoter's investments in research and development for innovative technologies for application in battery electric, plug-in hybrid electric and fuel-cell electric vehicles. It specifically includes investments for technologies in the fields of hydrogen and fuel cells components, electric motor and battery systems, power electronics, thermal management and cooling systems.
The project will contribute to further develop innovative component technologies for application in battery electric, plug-in hybrid electric and fuel-cell electric vehicles. It will contribute to improve electric and fuel cell vehicle performance, enhance their overall energy efficiency, reduce their manufacturing cost and then final price, and therefore lower the barriers to the adoption of such vehicles in the market.
The project concerns the promoter's investments in innovative sustainable technologies for components relevant for vehicle electrification and decarbonisation. It will create the conditions for their accelerated and wider market adoption, will contribute to further knowledge creation, accumulation and diffusion, will support the development of a relevant ecosystem of technology companies and the necessary skills also through reskilling and upskilling of existing employees.
Such investments contribute to the Bank's "Innovation, Digital and Human Capital" public policy objective; a part of them to EIB Climate Action and Environmental Sustainability policy objective and 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 and fuel-cell technologies, and those addressed by projects with positive environmental and knowledge externalities generation.
The promoter's R&D capability, its focus on 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 Bank's contribution to the project is underpinned by a combination of advantageous terms, a meaningful loan amount, 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 R&D 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.