Iveco Group finalises loan from European Investment Bank
28 November 2023
Iveco Group ePowertrain plant in Turin, Italy (Photo: Iveco Group)
The European Investment Bank (EIB) is to finance Iveco Group with up to €500 million to support continued development of technologies related to decarbonisation of the transport sector.
A loan of €450 million will make up the first tranche of the deal.
Moving forward, the resources will support development of architectures supporting electric (including fuel cell) propulsion. This will cover such areas as efficiency, safety, driving comfort and productivity in the field of vehicle autonomy, digitalisation and vehicle connectivity.
In addition, investigations will be made to help reduce production and operating costs of these products and services to facilitate wider market penetration.
Gilles Badot, EIB director for Operations in Italy, said: “Investing in projects that facilitate the development of sustainable mobility is essential to accelerate the decarbonisation of the transport sector, which is responsible for more than a quarter of the CO2 emissions in Europe. This operation with Iveco Group not only demonstrates the strong commitment of the EIB to the climate transition, but also contributes to promoting innovation and job creation in Italy and Europe.”
While large portions of the cash will be directed to Iveco Group plants in Turin and Foggia (Italy), portions will also be distributed to sites in France, Spain, Czech Republic and Switzerland.
Marco Liccardo, Chief Technology & Digital Officer, Iveco Group, commented: “This significant financing from the EIB demonstrates trust in Iveco Group’s ability to advance sustainable mobility and our ongoing efforts to reduce the carbon footprint of the transport sector. It will enable us to accelerate the development and deployment of innovative technologies and solutions that are key to our strategic vision and the future of transport.”
The loan, which has an eight-year amortisation profile, is expected to be completed by the end of 2025.
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