Europe’s Investment Bank (EIB) is to provide EUR150m (US$184m) to lighting systems and electronic modules company, ZKW Group.

The funds from the EU bank will be used for ZKW´s investments in Research, Development and Innovation (RDI) for automotive lighting systems carried out in Austria and Slovakia.

In addition, ZKW aims to invest in machinery and equipment for its manufacturing site in Slovakia.

“ZKW experienced rapid growth over the past decade through a series of innovations,” said EIB VP, Thomas Östros

“For the EIB, the bank of the European Union, innovation is key to economic growth and employment. It drives prosperity and the EU’s competitiveness. I therefore very much welcome our new cooperation, in particular with a company, that managed to build up its leading position in the automotive lighting industry through new technologies, which are recognised and used by international premium brands in the car industry.”

For his part, ZKW CEO, Oliver Schubert, added: “With the funds of the European Investment Bank, ZKW will be able to further expand innovation activities, which are key to success, with a higher budget for research and development. In addition ZKW will invest in sustainable production and green development.

“Therefore ZKW has already invested and will further invest in energy efficient machinery in the Slovakian plant in Krusovce. In addition, ZKW can strengthen the business environment in Europe, which is a huge benefit not only in cost savings but also for generating new jobs.

“Furthermore, ZKW aims to have green finance, as a seal of quality for green company. We appreciate the funds of the Bank of the European Union as a seal of quality for our company.”