Cleaner transport: EIB backs QEV Technology's development of electro-mobility solutions
The European Investment Bank (EIB) is providing €17 million in quasi-equity financing to QEV Technologies (QEV) to support its research and development (R&D) activities. The company is developing electric drive systems (powertrains) for small urban transport vehicles, e-vehicles, fast charging systems and electric racing technologies. The agreement was signed at Web Summit in Lisbon yesterday by EIB Vice-President Emma Navarro and QEV CEO Miguel Valldecabres. The project is supported by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe, also known as the Juncker Plan.
QEV is a Spanish technology and engineering company that develops and manufactures parts for electric vehicles, ranging from Formula-E to electric kits (“e-kits”) for the conversion of minibuses or for the production of new ones. The knowledge gained from the racing sector has enabled QEV to become the technology partner for several car manufacturers developing fully electric cars, such as Spanish company Hispano Suiza.
The EIB investment will not only contribute to promoting sustainable mobility and combating climate change but will also promote new jobs. QEV's total headcount is expected to grow from 100 employees to some 250 by 2023, including around 215 involved in R&D and engineering activities.
European Commissioner Carlos Moedas, responsible for Research, Science and Innovation, yesterday said:
“The deal signed today at the Web Summit is another example of the Juncker Plan's strong and continual support for research, development and innovation in Europe. What's more, the investment boost will allow QEV to take on an additional 150 employees. Juncker Plan-backed investments have already added 1.1 million jobs to the European labour market. It has been a good week for tech in the EU: thank you, Web Summit!”
“We are delighted to be here at Web Summit to back the R&D activities of a Spanish company willing to promote a cleaner transport system, in Europe and beyond,” said EIB Vice President Emma Navarro, responsible for EIB operations in Spain and Portugal, and for the Bank's climate action. “At the EU Bank, we are committed to fostering innovative investments that contribute to the transition towards a low-carbon economy, a transformation that will help to tackle climate change and to promote economic growth and job creation. Web Summit is the ideal place to sign innovative projects like QEV's that are perfectly in line with the EIB's commitment to increase its financing and resources to boost climate action.”
Miguel Valldecabres, CEO of QEV Technologies yesterday stated:
“The EIB financing will help us to accelerate innovation in the field of electric mobility and in the scaling up of our products to make a significant impact on electrification around the world. Through electric racing series, we plan to continue developing new technologies that will later be used for the various projects we are working on with large established automotive brands. We are very proud that the EIB has trusted and backed our R&D projects and will support us throughout this journey. There couldn't be a better place than Web Summit, the best tech conference in Europe, to announce this push for electric mobility.”
The EIB backing will enable QEV to step up its innovation activities focused on developing cleaner and more sustainable mobility solutions to help combat climate change, a key priority for the EIB. The company will also continue developing e-kits for the electrification of public transport vehicles in Asia, Latin America and Africa. In the Philippines, QEV has equipped ten modern minibuses (GET) and several Jeepneys – which are the most popular means of public transportation in the country and produce 3,654 tonnes of CO2 per day in Manila alone – with e-kits to significantly reduce their emissions. Moreover, QEV will deploy 100 additional minibus units in the Filipino capital by the end of the year and plans to roll out up to 10,000 units per year around the world.
Latest News from
Young migrants: Is Europe creating a lost generation?19/11/2019 16:10:00
Delays and serious challenges integrating young refugees who have fled war and persecution risk creating a lost generation, finds a new Fundamental Rights Agency (FRA) report. While it identifies some good practices, it urges Member States to learn from each other to give these young people an adequate chance in life.
EU Budget 2020 deal: Investing more in climate action, youth and research19/11/2019 15:10:00
MEPs have fought for and obtained better support for climate action, research, SMEs and the young in next year’s EU budget, after a second round of talks with Council on Monday.
Lets turn up the power for more gender equality19/11/2019 13:20:00
Years of crises, the increasing clout radical right-wing voices, and a sense of 'gender fatigue' have impacted EU governments' commitment to gender equality. New research from EIGE shows that Member States are allocating less attention to the institutional structures that have helped narrow the gaps between women & men.
Companies need to improve communication of hazardous substances in products19/11/2019 12:10:00
A Forum pilot enforcement project in 15 participating countries has found that 12 % of inspected products contain substances of very high concern (SVHCs). The majority (88 %) of suppliers of these products are failing to communicate sufficient information to their customers about SVHCs in products they supply.
European Antibiotic Awareness Day 201919/11/2019 11:15:00
European Antibiotic Awareness Day takes place every year on 18 November to raise awareness of the threat to public health from antibiotic resistance and the importance of prudent use of antibiotics.
EU Budget 2020 conciliation talks suspended18/11/2019 12:10:00
After making every effort to reach a compromise on an adequate EU budget for 2020 during long hours on Friday, Parliament and Council have suspended the talks without agreement.
Academy Learning Portal: the new design is finally here!18/11/2019 09:25:00
Have you noticed that the Academy Learning Portal has been updated? Indeed, under the scope of the strategic project e-learning Portal – Next Generation, the Academy Learning Portal (ALP) has a completely new look and feel with some brand new features.
International migrant trafficking network dismantled15/11/2019 15:10:00
This week the national authorities in Germany (Federal Police Department) and Romania (Directorate for Investigating Organised Crime and Terrorism and National Police) took part in a simultaneous action against an organised criminal group trafficking migrants from the Middle East.
Article – New beginnings: reassessing EU-Turkey relations15/11/2019 13:20:00
Concerns over fundamental rights and action in Syria are leading to a rethink of EU-Turkey relations. What is the status of the cooperation? What are MEPs proposing?