The European Investment Bank announced on 7 November a €17 million funding to the Spanish technology pioneer QEV Technologies, to support its research activities.

The company is developing electric drive systems for small urban transport vehicles, e-vehicles, fast charging systems and electric racing technologies. The investment is expected to create around 150 direct jobs.

The agreement was signed at Web Summit in Lisbon, Portugal, one of the largest annual tech events in the world, that the EU bank is attending for the second time.

This project is supported by the European Fund for Strategic Investments, the main pillar of the Investment Plan for Europe, also known as the Juncker Plan. Its investments have increased EU gross domestic product by 0.9%.