Austrian powertrain and autonomous vehicle developer supported through EIB funding
The development of modern electric powertrains is crucial for Europe achieving its climate objectives
- September 01, 2020 11:30
- Anton Stoyanov
The European Investment Bank (EIB) has announced that it has signed a loan agreement with the Austrian company AVL for the total amount of 50 million euros. AVL is the world’s largest independent company for developing powertrains and its achievements will play a key role in Europe’s overall mobility transition.
A fruitful partnership for the good of all Europeans
The new loan is a follow-up to an already existing and positive previous partnership between the European Investment Bank and AVL. Back in 2017, the EIB signed another loan agreement, worth 70 million euros in order to support the company’s development of electric powertrains and autonomous vehicles. That first loan was part of the European Fund for Strategic Investments, a main pillar of the so-called Juncker Plan (the Investment Plan for Europe) which had the ambitious goal of boosting the competitive capabilities of Europe’s economy.
Not only did the partnership serve the important purpose of supporting the economic activities of one of Europe’s most important companies, but it also created further opportunities for the development of low-carbon mobility alternatives, which will play a key role in Europe’s overall climate revolution.
Upon announcing the new loan, Andrew McDowell, EIB Vice-President responsible for activities in Austria stated that “Electric powertrains are one way to reach zero-emission mobility, and mobility is key when it comes to reaching the European climate targets. As the EU bank, we support pioneering technological champions who help shape our future with high quality, cost-effective and sustainable technology. Our top-up loan to AVL will enable them to build this kind of cutting-edge technology. It will pave the way for more customer and environmentally friendly vehicles, which is all the more important given that many companies have put their R&D investments on hold due to the current economic uncertainty.”
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