EIB Invests in Lightweighting

By on August 1, 2019 in IN THE NEWS

The European Investment Bank (EIB) will finance the innovation strategy of Spanish firm Cikautxo, a specialist in the production of plastic and rubber components for the automotive sector. The company will seek to implement new, more sustainable production processes enabling the development of products for less-polluting vehicles. EIB and Cikautxo are securing a loan from Berriatua (Biscay) for a €26-million ($30 million) coming from the Investment Plan for Europe, the Juncker Plan.

Cikautxo will use the EU bank financing for necessary research, development and innovation investments at its Berriatua (Biscay) facility. The company will conduct research into fuel efficiency and making car parts lighter to promote the development of electric and other vehicles that pollute less.

The EIB support will help the business expand its production capacity within the EU, not only in its Spanish plants, but also in Czechia, Slovakia and Romania. It’s estimated that 600 jobs will be created in the first four years.

European Commission Vice-President Jyrki Katainen, responsible for jobs, growth, investment and competitiveness, said, “Electric cars are crucial for the transition towards a more sustainable Europe. This €26 million EFSI-backed loan to Cikautxo to develop innovative products for electric and hybrid cars is helping to put the EU at the forefront of clean transport. Thanks to the support of the Investment Plan, hundreds of jobs will be created in Spain and regional development will be supported in Czechia, Romania and Slovakia.”