Nilar granted 47 million Euro loan from EIB

Thomas Östros, Michael Obermayer, François Gaudet and Annika Wäppling Korzinek at the House of Europe on October 2nd.

The European Investment Bank (EIB) has granted a 47 million Euro (482 million SEK) loan for Nilar. The financing is supported by InnovFin Energy Demonstration Projects of the European Commission. On the 2nd of October 2020, there was a signing event held at the House of Europe in Stockholm, Sweden, at the invitation of the European Commission.

The European Investment Bank (EIB) is happy to support a company that aligns with their overall energy strategy. As of January 1, 2020, all their lending efforts have been aligned with the goals laid out in the Paris Agreement of 2016.

European Commission proud to provide financing to groundbreaking companies

The financing is supported by the “InnovFin – EU Finance for Innovators”, which is an offering of financial funding and advisory services through Horizon 2020 in the EU research and innovation (R&I) programme launched in 2014 by the European Commission. InnovFin Energy Demonstration Projects supports the energy transition by enabling innovative demonstration projects past the pre-commercial stages.

Nilar planning to utilize funding towards expansion of commercialization efforts

With a focus on design and innovation, Nilar batteries have evolved into the solution with the lowest cost of ownership offered on the market. This substantial loan will support the expansion and improvement of the manufacturing lines in the state-of-the-art Nilar production facility in Gävle. It will also serve as a financial boost to the research and development efforts to advance the commercial viability of the technology.

Signing Event held at the House of Europe

All parties were excited to solidify this cooperation, which serves as a significant step within the progress towards the climate targets laid out by the 2016 Paris Agreement. Click here to read our press release.