The European Investment Bank (EIB) has approved a historic financing of up to €500 million for the Iveco Group, a global leader in the manufacturing of commercial and special vehicles, propulsion systems, and related financial services.
The agreement was signed in Turin, and the initial €450 million, the first tranche of the total financing, will be used by the Iveco Group to boost research, development, and innovation in advanced electrification, efficiency, and safety technologies in transport.
Investments will primarily take place in Italy, focusing on Iveco’s plants in Turin and Foggia, but will also extend to Germany, France, Spain, the Czech Republic, and Switzerland.
This project marks the first financial collaboration between the EIB and the Iveco Group.
EIB’s financing is specifically directed towards the development of cutting-edge technologies ranging from electric propulsion to solutions for autonomous driving, digitization, and vehicle connectivity.
These investments will not only enhance the efficiency and safety of electric and fuel cell vehicles but will also reduce production and operational costs, facilitating greater market adoption.
Gilles Badot, EIB’s Chief Operating Officer in Italy, emphasized the importance of investing in projects that drive sustainable mobility to accelerate the decarbonization of the transport sector, responsible for over 25% of CO2 emissions in Europe.
Badot highlighted that this operation not only reflects EIB’s strong commitment to climate transition but will also contribute to promoting innovation and job creation in Italy and Europe.
Marco Liccardo, Iveco Group’s Chief Technology and Digital Officer, expressed satisfaction with EIB’s financing, highlighting the confidence in Iveco’s ability to lead sustainable mobility and reduce the carbon footprint of the transport sector.
Liccardo emphasized that this support will accelerate the development and implementation of key technologies for the future of transport.
It is expected that these initiatives will drive the adoption of sustainable technologies in transport, benefiting users and making a significant contribution to the fight against climate change.
About European Investment Bank
The EIB finances projects in four priority sectors: infrastructure, innovation, climate and environment, small and medium-sized enterprises (SMEs).
Between 2019 and 2022 the EIB Group provided financing for projects in Italy for 45 billion euros.