| Project Detail |
The project comprises a selection of the Promoters planned expenditures in Research, Development, and Innovation (RDI) in the field of energy efficient home appliances. The project will be carried out primarily in the Promoters R&D centres in Italy, Germany, Sweden, Poland, Romania and, to a lesser extent, in other smaller R&D facilities in the EU over the period 2024-2026. Additionality and Impact The Project is in line with the Research, Development, and Innovation (RDI) objective of InvestEU. The relevant investments will be in the field of home appliances that are in line with the Banks IDHC (Innovation, Digital and Human Capital) public policy goal and therefore are eligible for the Banks financing under the Research, Innovation and Digital (RID) policy objective. A part of the Project contributes also to the Banks Economic and social cohesion cross-cutting objective. The support to RDI in the field of energy efficient products also through digitalisation, contribute to the Banks transversal objective of Climate Action and Environmental Sustainability (CA&ES). The financing of this Project supports Research, Development, and Innovation (RDI) activities that generate significant positive knowledge, technology, and environmental externalities, through the creation of innovative products and services and skills development and upgrading. The Promoters experienced management and proven R&D capabilities, its focus on R&D, innovation and sustainability, and its technology edge and industrialisation capability will help implement a sound and sustainable Project. The Project integrates positive environmental and social dimensions, contributes to addressing and mitigating market failures, and through its additionality, contributes to the Banks policy objectives. The Banks contribution to the Project stems from its support to the diversification of Borrowers financing sources combined with the flexible drawdown terms, longer availability and financial benefits, thereby facilitating the Projects financing and its full implementation. EIB financing would support the Companys continuous RDI efforts, particularly in areas with uncertain innovation outcomes or high business cyclicality. In this way, the Bank remains aligned with its role in providing countercyclical support to a strong EU industrial leader. The additionality elements of the EIB financing under InvestEU would be a larger facility to Electrolux than the EIB could provide under own risk. The InvestEU guarantee will allow the Bank to maximize its support to the Company otherwise not possible, due to the Banks existing risk exposure limits. Such support is essential for Electroluxs sizeable RDI plan, which is expected to contribute to the advancement of the EU industry technology leadership, and to maintain Electroluxs competitiveness and subsequently EUs competitiveness in a very competitive global market. The Project would not have been carried out to the same extent by the EIB without the InvestEU support. Objectives The proposed RDI activities address a wide range of aspects, some of them being common to all appliance categories such as reduced energy consumption, improved sustainability of manufacturing and during operation, increased performance and quality, reduced noise, increased user friendliness, connectivity as well as cost reduction. Specific objectives to the appliance categories concerned include (i) flexibility, easy access and capacity, improved taste, food safety and improved food preservation performance (food preservation), (ii) enhanced user experience and product competitiveness (food preparation), as well as (iii) lower water and chemicals consumption and modularisation (fabric and dish care). Sector(s) Industry - Manufacturing Proposed EIB finance (Approximate amount) EUR 200 million Total cost (Approximate amount) EUR 632 million |
