Financing up to €300million has been earmarked by the European Investment Bank (EIB) to Valeo for its current research projects aimed at cutting fuel consumption and carbon dioxide (CO2) emissions.
In total, Valeo, one of the world’s top automotive suppliers, has picked up €645million over four years with the EIB loan to come with competitive terms in two instalments - the first one of €225million, which will be taken at the end of July.
According to EIB vice president Phillipe de Fontaine Vive, the investment is crucial to stimulate economic recovery and benefit future generations. It is also important to support the research, development and innovation projects with tailor-made financial products.
The money from the EIB comes via its European Clean Transport Facility, which is part of a wider response to the crisis and focuses on car emissions reductions, as well as the development of new generation vehicle technologies.
The loan serves to reinforce Valeo’s liquidity situation. Earlier this year, Valeo, along with five other industrial companies in France, formed a consortium to promote an electric drive-train industry for vehicles. The drive trains that the consortium develops will become a reference for other national and international programmes and will bring together French industrial companies to propose solutions to car manufacturers for low emission vehicles.
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