EIB promotes autonomous mobility in Finland with EUR 8 million

It will help the self-driving technology company Sensible 4 Oy develop its products

Today, the European Investment Bank (EIB) reported that it has granted the Finnish self-driving technology company Sensible 4 Oy a loan worth EUR 8 million. The loan, according to the EIB, is “part of the European Guarantee Fund’s venture debt product to provide liquidity” to SMEs affected by the outbreak of COVID.

Reducing traffic accidents and emissions

Sensible 4 offers an autonomous driving software that helps vehicles operate under harsh weather conditions (e.g., heavy rain, snowfalls, sandstorms, fog, etc.) and reduce emissions. What is more, the company’s product seeks to decrease the number of traffic accidents caused by human error. Pointing out another important perk, CEO of Sensible 4 Harri Santamala shared:

“On top of how shared, autonomous and electric transport is a sustainable option, self-driving vehicles also bring a solution to the acute driver shortage in Europe. Expanding public transport and increasing logistics would require even more drivers, and a self-driving fleet with remote operations is a great way to solve that problem.”

Taking this further, Santamala explained that EIB’s loan has helped the company finalise its baseline product and will now allow it to continue to pre-production, targeting mass production.

Investing in sustainable transport

In a press release, EIB’s Vice-President Thomas Östros praised Sensible 4’s software, noting the importance of the automotive industry. More specifically, he shared that the industry is currently undergoing a “radical transformation revolution” that has the potential to reduce the carbon footprint of transport.

“Our financing for Sensible 4, a leader in addressing the widely recognised problem of autonomous operations in bad weather conditions, shows the EIB’s commitment to supporting European innovation leaders and more sustainable transport methods,” Östros explained.