Prodrive Technologies secures €50mln EIB loan for growth plans
The European Investment Bank (EIB) is providing a €50-million loan to Prodrive Technologies, a Dutch tech company active in the design and manufacturing of electronics, software and mechanics.
Prodrive says it will use the financing to support an ambitious research, development and innovation programme for products, systems and solutions in different sectors, as well as the expansion of related manufacturing capacities to facilitate the company's growth. The EIB loan is provided under the European Fund for Strategic Investments (EFSI), a key element of the Investment Plan for Europe, also known as the Juncker Plan.
“The loan to Prodrive Technologies represents an important contribution to supporting the high-tech, midcap market in the Netherlands and its underlying RDI foundations. The EIB is proud to support such an innovative company during this exciting phase in its growth and development by providing a strong component of a stable and reliable funding structure,” said EIB vice-president Lilyana Pavlova.
European Commissioner for the Economy, Paolo Gentiloni, said: “Prodrive is clearly an ambitious company with its sights set on expanding. With the €50-million the EIB is providing the company under the Investment Plan’s guarantee, Prodrive can realise its ambitions to develop new technologies and produce even more innovative products. Time to shift into a higher gear!”
“The loan of the EIB is a major milestone for Prodrive Technologies and it underlines our strong track record of innovation and value creation in the market. We recognise the EIB’s commitment as a solid confirmation of the significance of our activities on a European level. This step will further boost the investments in our technology programmes and manufacturing roadmaps and contribute to our ambitious growth,” said CEO of Prodrive Technologies, Pieter Janssen.
The company’s product portfolio includes embedded computing, power conversion, automation and control systems, vision and image processing systems and environmental sensing. The main markets that will benefit from Prodrive’s EU-supported RDI-activities are applications in the semiconductor, automotive, energy, infrastructure, industrial and medical sectors.
The EIB loan supports Prodrive’s developments in making a positive contribution towards a sustainable future through the United Nations Sustainable Development Goals (SDGs).
Prodrive said in a statement that the financing allows it "to further expand and improve its innovative climate and RDI capabilities, thereby advancing SDG 9; Industry, Innovation and Infrastructure."
It added: "through the development of energy-efficient charging equipment and further electrification of vehicles, as well as improving energy efficiency of products for semiconductor, medical and infrastructure markets, Prodrive contributes to SDG 12; Responsible consumption and production."
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