The European Investment Bank (EIB) is providing Arteche Group with a €27 million loan to finance its Research and Innovation strategy, the European Commission said on 22 November.

“The electric power industry has a crucial role to play in the green transition, and that demands innovative solutions,” EU Economy Commissioner Paolo Gentiloni said. “That’s why the European Union is supporting Arteche in its efforts to develop safer, more efficient electrical systems. This investment will also help to create high-quality jobs in Spain,” he added.

The financing, backed by the European Fund for Strategic Investments (EFSI), will allow the Group to modernise its digital infrastructure and to develop sustainable electrical systems.

As of December 2019, the Investment Plan had mobilised €458.8 billion of investment across the EU, including €49.8 billion in Spain, and supported more than one million start-ups and small and medium businesses.