EIB supports Fagor Arrasate's innovation and digitalisation strategy
The European Investment Bank (EIB) and Fagor Arrasate (a cooperative and part of the Mondragón Group) recently (04 August 02021) signed a new agreement to finance the Basque company's research, development and innovation (RDI). To this end, the EIB will provide €10 million to Fagor Arrasate to finance nine strategic RDI projects for a total investment of €24 million to be developed by the Gipuzkoa-based cooperative between 2021 and 2024. 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 EU bank funds will help to increase the competitiveness of the Spanish company by boosting its investments from 2021 to 2024, focusing on digitalisation and the improvement of facilities.
- The EIB-financed project will enable Fagor Arrasate to develop machinery for the production of lighter, more environmentally friendly vehicles, as well as components for electric vehicles.
- The agreement is supported by the European Fund for Strategic Investments (EFSI).
The EIB support will enable Fagor Arrasate to strengthen its competitiveness by making strategic investments in key internal processes in the production of heavy machinery, as well as in the development of advanced machinery and digital services to meet the future challenges of European industry's strategic sectors. The agreement will contribute to improving technologies for processing new lightweight materials mainly for the automotive sector, in addition to improvements to existing production facilities.
The project is expected to have a positive environmental impact as 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. The EIB is firmly committed to continuing to support innovation in the automotive sector in Spain, having financed and worked with several companies in the sector during the pandemic.
This will be the first operation with Fagor Arrasate, although the EIB has already worked with several Mondragón Group cooperatives.
Paolo Gentiloni, European Commissioner for the Economy, added:
“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.”
EIB Vice-President Ricardo Mourinho Félix recently said:
“We are very proud to finance Fagor Arrasate's RDI strategy, promoting the digitalisation and advanced production techniques of this Spanish company through greater sustainability that will undoubtedly enable it to strengthen its competitiveness. This operation demonstrates the EIB's strong commitment to an economic recovery based on innovation and environmental protection, as well as to supporting the automotive industry, which is key to the Spanish economy and job creation — the EIB's priority objectives in Spain.”
President of the Fagor Arrasate Governing Board Iñaki Martínez recently stressed that this EU bank's decision:
“shows the EIB's firm support for Fagor Arrasate's strategy, providing the funds needed to undertake future projects that will enable us to improve our competitiveness and be a leading benchmark for our customers.”
The project also fosters technological leadership and competitiveness in European industry and directly and indirectly supports economic growth and employment in Europe.
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