Release date: 26 May 2023
Promoter – Financial Intermediary
ENEL X WAY SRLLocation
Description
The project includes the promoter's investments in innovative technologies for: (i) the development of software solutions, digital platforms, tools and services, supporting all different aspects of the vehicle charging process and customer charging experience; (ii) the development of hardware and firmware solutions for alternating current (AC) and direct current (DC) recharging products.
Additionality and Impact
The Project will contribute to develop innovative hardware, software and digital technology solutions supporting the deployment and adoption of electromobility by private customers, corporates and public sector. It will in general help lowering the existing barriers for a wider adoption of electromobility. It is expected to contribute to further knowledge creation and diffusion, to the transformation of the automotive and transport industry in the direction of electrification and increased sustainability and will directly and indirectly contribute to preserving and scaling up R&D employment and contribute to economic growth in Europe.
Such investments contribute to the Bank's "Innovation, Digital and Human Capital" and to EIB "Climate Action and Environmental Sustainability" policy objectives. A small part of them contribute to the EU's economic, social and territorial "Cohesion" policy objective. The EIB financing supports the Promoter's investments addressing market failures and gaps associated with (i) imperfect competition and incomplete markets for innovative and still market-entry-stage vehicle electrification technologies, and those addressed by (ii) projects with positive knowledge and environmental externalities generation.
The Promoter's experienced management and project implementation capabilities, its focus on innovation and sustainability, its technology edge and in-house capabilities will help implement a sound and sustainable Project, integrating positive environmental and social dimensions, it will contribute to address and mitigate market failures, and through its additionality, it will contribute to the Bank's policy objectives.
The EIB financing provides substantial financial advantage as well as higher flexibility compared to alternative sources of funding. This is reflected by loan tenor, grace and disbursement periods being beyond those normally available in the market.
The EIB commitment for a relatively long tenor will send a positive signal to the market regarding the soundness of the ENEL's long-term strategy and its commitment to electric mobility as an integral part of its operations.
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.
Objectives
The project activities concern beyond-state-of-the-art technology development, classified at level 8 and below of the Technology Readiness Level (TRL) scale. The investments will be carried out at the promoter's research, development and innovation (RDI) premises, primarily in Italy and to a lesser extent in Spain.
Sector(s)
- Energy - Electricity, gas, steam and air conditioning supply
Proposed EIB finance (Approximate amount)
EUR 100 million
Total cost (Approximate amount)
EUR 231 million
Environmental aspects
Besides the development of software solutions, the project does not include the deployment of infrastructure for electric vehicles (EV )charging stations. Therefore, the project does not fall under the Environmental Impact Assessment (EIA) Directive 2011/92/EU as amended by Directive 2014/52/EU. Where and if applicable, the requirements of Directive 2011/92/EU (as amended by Directive 2014/52/EU), will be verified during appraisal. The project is expected to contribute to climate action and environmental sustainability (CA&ES) objectives, in particular to climate mitigation.
Procurement
The promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the promoter is subject to the EU public procurement legislation then the Bank would duly inform the Commission Services and would require the promoter to apply those rules.
Status
Signed - 19/07/2023
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).