Schaeffler receives a major EIB loan

The European Investment Bank (EIB) has granted Schaeffler AG a development loan totalling 420 million euros. These funds have a term of up to ten years and are intended for research and development in selected areas with a focus on sustainable technologies in the EU.

The overarching aim is to drive forward research and development for technologies in the fields of electromobility, renewable energies and hydrogen, including electric axle systems and motors, as well as chassis and bearing applications.

Schaeffler has been gathering capacities in the area lately, for example, having purchased about 80 per cent of drive specialist company Vitesco in December, or opening a new research and development centre in Slovakia in July. In terms of vehicle technologies, the German company should now be able to supply everything from e-bikes to fuel cell transporters.

“The new 420-million-euro loan is another important building block in Schaeffler AG’s financing mix,” said Claus Bauer, Chief Financial Officer of Schaeffler AG responsible for Finance and IT, adding: “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 steadily been investing in European clean energy vehicle technologies, for example with Iveco’s electric trucks in November, AESC’s battery factory in France in October or a HPC network in Spain together with Cepsa, as well as a hydrogen fueling network in Greece.