The European Investment Bank (EIB) has granted Schaeffler AG a loan of 420 million euros (approx. $460 million dollars). These funds with a term of up to ten years are earmarked for research and development in selected areas, with a focus on sustainable technologies in the European Union.

The funding will be used to cover part of the staff costs for research and development of innovative automotive and industrial technologies. The overarching aim is to advance research and development for technologies in the fields of renewable energies, electric mobility and hydrogen. For example, this includes both electronic axle systems and electric motors as well as chassis and bearing applications. As the bank of the European Union, the EIB supports the European Commission’s Green Deal.

“The new 420-million-euro loan is another important building block in Schaeffler AG’s financing mix,” said Claus Bauer, CFO of Schaeffler AG responsible for finance and IT. “The European Investment Bank is also an ideal partner for putting our research and development financing for sustainable technologies on a broad footing. The EIB funds will help to strengthen our locations in Europe.”