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Add to Preferred SourcesFostering the development of an innovative and sustainable European car industry – this is the aim of the agreement signed today in Bilbao by EIB Vice-President Emma Navarro and CIE Automotive’s CEO, Jesús María Herrera. The EU bank is providing a EUR 80 million loan under the Investment Plan for Europe to finance the firm’s RDI strategy aimed at developing innovative technologies to reduce the weight of vehicles and ensure more efficient, less polluting manufacturing processes.
CIE Automotive, a global supplier for the car industry headquartered in Bilbao, will focus its investment on innovation and the development of hybrid and lightweight materials. Its RDI programme is also aimed at the design and manufacture of new electric vehicle components. To this end, it will employ new digital production processes based on the circular economy that will increase energy efficiency through the recycling and reuse of raw materials.
The innovation investments financed by the EIB will carried out at CIE Automotive’s plants in Spain, France, and Portugal. The agreement will also serve to finance the upgrading of the firm’s factories in the Czech Republic, Slovakia, Romania, Portugal and Lithuania, all located in convergence regions.
“Supporting innovation by large corporates is essential to guaranteeing their future and their ability to compete globally. As the EU bank, we are pleased to be mounting an operation that, by providing funds for a Spanish multinational, is helping to secure Europe’s leadership in the car industry” said EIB Vice-President Emma Navarro in Bilbao today. “This agreement will enable seven European countries to benefit from EIB financing and will help research centres and European universities to develop new patents within the EU”.
Innovation and skills development are fundamental ingredients for ensuring sustainable growth and quality job creation. Both play a key role in achieving long-term competitiveness. Financing innovation is, therefore, one of the EIB’s top priorities. In 2017, the EU bank provided EUR 13.8 billion for financing different RDI projects.
Original source: EIB
Published on 24 July 2018