The European financial intuition European Investment Bank (EIB) has announced a $521 million loan agreement with LG Chem Wroclaw Energy, the Polish subsidiary of the LG Chem Group that was established to develop the groups battery production facility in Europe.
The loan from EIB will help LG Chem to construct and put in operation a highly automated and innovative manufacturing facility for advanced lithium-ion (li-ion) cells and batteries for battery-powered electric vehicles (BEVs).
- The EIB financing will cover around a third of the total project costs, estimated at 1.5 billion. The remainder will come from the companys own resources and from other financing sources.
- The additional manufacturing facilities will be located on the industrial site of LG Chem Wroclaw Energy in south-west Poland.
- The project supplements smaller production facilities on the same site and presents several novelties, including a fully smart factory with several newly developed cutting-edge technologies to mass-produce the latest generation of high energy density li-ion electrodes, cells, modules and battery packs, thereby significantly improving energy density, fast-charging capability, safety and cost efficiency.
- The EIB-backed project will have an annual production capacity of over 35 GWh, which can potentially power more than 500 000 zero-emission electric cars per year and therefore contribute to the transition from fossil fuel-powered internal combustion engine-based vehicles toward electromobility and sustainable transport.
- First EIB loan to LG Chem Group and its Polish subsidiary will support the construction of manufacturing facilities for advanced lithium-ion cells and batteries for battery-powered electric vehicles
- The project will contribute to the clean energy transition and the shift towards electrification of the European transport industry and secure the supply of advanced li-ion batteries for European car makers
- The project will have important spillovers with technological transfer, the creation of around 1 800 jobs and research and development activities in Poland
- May 2020: The European Investment Bank expands cooperation with the World Health Organization to strengthen public health, supply of essential equipment, training and hygiene investment in countries most vulnerable to the COVID-19 pandemic.
- April 2020: The European financial institution European Investment Bank has approved approximately $5.4 billion financial assistance for businesses hit by the economic shock created by COVID-19. The new fund will help to upgrade and manufacture more medical equipments for COVID patient.
- April 2020: The leading financial institution European Investment Bank (EIB) is lending $436 million to Germany to upgrade the A3 motorway in Bavaria between the AK Biebelried and AK Fürth/Erlangen junctions, via a public-private partnership (PPP). The European Commission and EIB Group are working together as per Juncker Plan to boost the infrastructure and competitiveness of the European economy.
- April 2020: The EIB Group has announced a COVID-19 guarantee fund of approximately $27 billion. The fund will be implemented by the Groups subsidiary EIB and the EIF, which is specialised in funding small and medium-sized enterprises. In addition to the COVID-19 guarantee fund, the EIB Group is also implementing the emergency measures to support companies in the EU to overcome the consequences caused by the coronavirus.
The COVID-19 guarantee fund will act as a protective shield for European firms facing liquidity shortages. The EIB Group with the help of its partners will address all impacted markets and sectors through a broad mix of products to respond to the COVID-19 crisis.
- In March 2020, The EIB Group has proposed a plan to mobilise approximately $ 44 billion of financing for SMEs and mid-caps. The fund will be supported through loans, credit holidays and other measures designed to alleviate liquidity and working capital constraints for SMEs and mid-caps.
- In March 2020: Covestro has announced a loan with the European Investment Bank (EIB) for $249 million. The loan will provide medium term funding to strengthen Covestro’s research and development (R&D) work in the areas of sustainability and circular economy within the European Union.
The European Investment Bank Group, is an international financial institution, headquartered in Luxembourg. It is a bank of European Union. The EIB Group has two parts- the European Investment Bank(EIB) and the European Investment Fund(EIF). The EIB is the lending arm of 27 members European Union. The EIF support SMEs, and it work through financial intermediaries in the Member States and in partnership with national promotional banks. EIB helps in creating jobs and improving lives for EU citizens and also helps people in developing countries.