European Commission
Investment Plan for Europe supports research, development and innovation strategy at Spanish company
The European Investment Bank (EIB) will provide €10 million to finance the research, development and innovation (RDI) strategy of Fagor Arrasate, a Mondragón Group cooperative based in the Basque Country, Spain. The project is backed by a guarantee from the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe. The company's RDI plan will focus on driving the development of advanced machinery and digital services to meet the future challenges of the strategic sectors of European manufacturing.
A major part of the innovation centres on the development of machinery that will enable car manufacturers to make lighter, more environmentally friendly vehicles, as well as to produce components for electric vehicles. Economy Commissioner Paolo Gentiloni, said: “With help from the Investment Plan for Europe and the EIB, Spanish company Fagor Arrasate will invest in new manufacturing technologies and the development of machinery for producing electric vehicles. This is good news for competitiveness and for the green transition in the Spanish automotive sector.”
The Investment Plan for Europe has so far mobilized €546.5 billion of investment, of which €63bn is in Spain. The press release is available online.
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