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EIB provides EUR17m for electric drive systems

By Simon Warburton | 8 November 2019

Luxembourg-based, European Investment Bank (EIB) is providing EUR17m (US$19m) in quasi-equity financing to QEV Technologies (QEV) to support its R&D activities.

The company is developing electric drive systems for small urban transport vehicles, e-vehicles, fast charging systems and electric racing technologies.

The agreement was signed in Lisbon by EIB VP, Emma Navarro and QEV CEO, Miguel Valldecabres.

The project is supported by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.

QEV is a Spanish technology and engineering company which develops and manufactures parts for electric vehicles, ranging from Formula-E to electric kits (e-kits) for the conversion of minibuses or for the production of new ones.

The knowledge gained from the racing sector has enabled QEV to become the technology partner for several car manufacturers developing fully electric cars, such as Spanish company, Hispano Suiza.

The EIB investment will also promote new jobs. QEV's total headcount is expected to grow from 100 employees to 250 by 2023, including around 215 involved in R&D and engineering activities.

"We are delighted to be here at Web Summit to back the R&D activities of a Spanish company willing to promote a cleaner transport system, in Europe and beyond," said Navarro, responsible for EIB operations in Spain and Portugal and for the Bank's climate action. 

"At the EU Bank, we are committed to fostering innovative investments that contribute to the transition towards a low-carbon economy, a transformation that will help to tackle climate change and to promote economic growth and job creation."

The EIB backing will enable QEV to step up its activities focused on developing cleaner and more sustainable mobility solutions to help combat climate change.

The company will also continue developing e-kits for the electrification of public transport vehicles in Asia, Latin America and Africa.

In the Philippines, QEV has equipped ten modern minibuses (GET) and several Jeepneys – which are the most popular means of public transportation in the country and produce 3,654 tonnes of CO2 per day in Manila alone – with e-kits to significantly reduce their emissions.

Moreover, QEV will deploy 100 additional minibus units in the Filipino capital by the end of the year and plans to roll out up to 10,000 units per year around the world.