France/Italy – The European Investment Bank (EIB) and the PUNCH Group have agreed to fund the company’s research, development, and innovation (RDI) efforts with a €40 million loan.
The funds will be spent mostly at the company’s headquarters in Turin (Italy), and, to a lesser extent, in Strasbourg (France).
The funding from the EU bank, backed by a guarantee from the European Fund for Strategic Investments (EFSI) — the main pillar of the Investment Plan for Europe — will allow the PUNCH Group to develop technologies for hydrogen engines and related energy storage systems (fuel cells) for the automotive, commercial, and industrial vehicle sectors, with the goal of promoting sustainable mobility and the deployment of innovative technologies across Europe.
Decarbonization contribution
This transaction is consistent with the Paris Agreement and the Bank’s transportation sector financing policy because it contributes to the decarbonization of the automotive, commercial, and industrial vehicle sectors, as well as the adoption of green technologies based on hydrogen and electrification.
