Grupo Antolin has secured a EUR100m (US$117m) loan from the European Investment Bank (EIB) to finance its RDI (Research, Development and Innovation) strategy for automotive interiors.
The agreement signed in Madrid by EIB VP, Emma Navarro and Grupo Antolin chairman, Ernesto Antolin, is supported by the European Fund for Strategic Investments (EFSI).
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The EIB-financed investments will be made in Grupo Antolin’s innovation centres in Spain, Germany and France and will contribute to developing the company’s global competitiveness.
Grupo Antolin’s European RDI strategy from this year until 2020 has a budget of almost EUR220m and aims to lead the transformation the sector is currently undergoing with connected, self-driving and electric cars, together with Industry 4.0.
Grupo Antolin’s projects are related to natural materials research, future mobility via new vehicle interior concepts and designs, advanced manufacturing and the integration of electronic and lighting functions into automotive components.
The loan is backed by the Investment Plan for Europe, which enables the EIB to finance projects which have a higher risk profile owing to their structure or nature.
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By GlobalDataThe EIB financing will ensure the projects will be implemented within the established time frames between 2018 and 2020 and will provide the resources needed to maintain current employment positions as well as continue creating jobs.
Grupo Antolin has almost 1,000 engineers in Europe, including around 350 in Spain.
“Investment in research and innovation is investment in the future of Europe,” added European Commissioner for Research, Science and Innovation, Carlos Moedas
“I am pleased the European Union is supporting a highly innovative project in a traditional sector such as automotive. It is vital our businesses receive the financial assistance they need for their RDI activities.”
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for investment in order to contribute towards EU policy objectives.
The Investment Plan for Europe is one of the European Commission’s top priorities. It focuses on boosting investment to generate jobs and growth by making smarter use of financial resources, removing obstacles to investment and providing visibility and technical assistance to investment projects.
The European Fund for Strategic Investments (EFSI) is the main pillar of the Plan and provides first loss guarantees, enabling the EIB to invest in more projects which often come with greater risks.
The projects and agreements approved for financing through EFSI are expected to mobilise more than EUR284bn in investment and support some 611,000 SMEs in the 28 Member States.
