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The project will finance the promoter's research, development and innovation (RDI) investments to develop new technology hearing aids.
The RDI activities focus on innovative solutions in hearing and acoustic technology.
The project concerns RDI investments of Demant, based in Denmark. The project further builds on a regional cluster of excellence in hearing aid technology based around Copenhagen. The company's R&D intensity above sector average contributes positively towards the EU's 3% R&D intensity target. EIB's involvement will help to ensure that the important benefits of bringing novel hearing aid solutions entailed under this project come to fruition in a timely manner. The products and services developed as a result of the project will improve the possibilities of social inclusion, therefore the social value of the project is considered to be positive and over and above the financial return.
EIB's contribution to the project stems from the flexible terms of the loan and helping to crowd-in other financiers, thereby facilitating its full financing and implementation.
The RDI activities are expected to be carried out in existing facilities that are already used for the same purposes and that are not expected to change their scope due to the project. An environmental impact assessment (EIA) is therefore not needed as per EIA Directive 2014/52/EU amending Directive 2011/92/EU. The full environmental details will however be investigated by the Bank's services during the project due diligence.
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 at the project appraisal, the EIB were to conclude that it is subject to EU public procurement legislation then the promoter will have to comply to those rules and the European Commission will be informed accordingly.