German automotive and industrial supplier, Schaeffler AG, has been granted a development loan amounting to 420 million euros by the European Investment Bank (EIB). The funds, with a term of up to ten years, are earmarked for research and development initiatives in specific areas, with a primary focus on sustainable technologies within the European Union.
The primary objective of the funding is to propel research and development efforts in the realms of electromobility, renewable energies, and hydrogen. This encompasses electric axle systems, motors, as well as chassis and bearing applications.
Recent strategic moves by Schaeffler include the acquisition of approximately 80% of drive specialist company Vitesco in December and the establishment of a new research and development center in Slovakia in July. With these initiatives, the German company aims to position itself as a comprehensive supplier in vehicle technologies, covering a spectrum from e-bikes to fuel cell transporters.
Claus Bauer, Chief Financial Officer of Schaeffler AG responsible for Finance and IT, emphasized the significance of the 420-million-euro loan as a crucial component of the company's financing strategy. Bauer stated, “The European Investment Bank is also an ideal partner for putting our research and development financing for sustainable technologies on a broad footing. The EIB funds will help to strengthen our locations in Europe.”
The European Investment Bank has been consistently investing in clean energy vehicle technologies across Europe, participating in projects such as Iveco's electric trucks in November, AESC's battery factory in France in October, and contributing to a hydrogen fueling network in Greece.