The European Investment Bank (EIB) is providing a €300 million (£257m) loan to German automotive supplier MAHLE to support research and development of zero-emission vehicle technologies.
The projects will include investments in eco-friendly technologies such as electric motor and battery components, thermal management, cooling and air quality systems, hydrogen and fuel cell components as well as power electronics and traction motors.
MAHLE is focusing on the fields of electromobility and thermal management as well as other technology areas for reducing carbon emissions, for example fuel cells and highly-efficient combustion engines that run on e-fuels or hydrogen.
It currently generates more than 60% of its sales independently of passenger car internal combustion engines and by 2030, the share is set to increase to 75%.
Michael Frick, MAHLE’s Chairman of the Management Board (ad interim) and Chief Financial Officer said: “Taking responsibility is part of MAHLE’s DNA as a foundation-based company. We see the Paris climate agreement as a binding mandate to minimise emissions caused by road traffic.
“Through investments in zero-emissions technologies, we are accelerating the transition to a reduced carbon footprint, helping to make individual mobility more efficient, more sustainable and therefore more environmentally compatible.”