Release date: 30 September 2022
Promoter – Financial Intermediary
WEBASTO SELocation
Description
The project concerns the Promoter's investments in research and development (R&D) 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 battery systems.
Additionality and Impact
The project concerns the development of battery systems innovative component technologies for application in battery electric, plug-in hybrid and fuel cell electric vehicles, of which it will contribute to increase the adoption in the market. It 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. It contributes to EIB's "Innovation, Digital and Human Capital" policy objective and to EIB Climate Action and Environmental Sustainability policy objective. EIB financing supports the promoter's investments addressing market failures and gaps associated with imperfect competition and incomplete markets for innovative and still market-entry-stage vehicle electrification technologies, and those addressed by projects with positive knowledge and environmental externalities generation.
The promoter's R&D capability, its focus on R&D, innovation and sustainability, its technology edge, system integration capability, 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 and diversifying the company`s financing sources.
The Bank's technical contribution and advice is mainly explained by the guidance provided to align the project scope with policy objectives at project origination.
Objectives
The project will contribute to further develop innovative and enabling component technologies for application in and support of 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, facilitate deployment, and thereby lower the barriers to adoption of e-mobility solutions.
Sector(s)
- Services - Wholesale and retail trade; repair of motor vehicles and motorcycles
Proposed EIB finance (Approximate amount)
EUR 100 million
Total cost (Approximate amount)
EUR 235 million
Environmental aspects
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).
Procurement
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.
Status
Signed - 26/09/2022
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).