Sweden: EIB supports engineering research with EUR 300m loan to Atlas Copco

The development of cleaner, safer and more efficient manufacturing, construction and mining equipment will be enhanced thanks to research, development and innovation at Atlas Copco, supported with financing from the European Investment Bank (EIB).

Under an agreement signed today in Luxembourg, the EIB will provide a EUR 300 million loan to Atlas Copco, one of the world leaders in compressors, construction and mining equipment, power tools and assembly systems. As part of Atlas Copco’s long-term funding programme, the loan will support the development of more efficient, more environmentally friendly and safer products. The company’s activities in research, development and innovation, mainly based in Sweden and Belgium, also involve close cooperation with European universities and research institutes, helping to disseminate cutting-edge technologies.

Jonathan Taylor, EIB Vice-President with responsibility for lending in Sweden, stated: “We are glad to sign this agreement with Atlas Copco, a global leader in the technology of compression, mining and rock excavation. This will support innovation in a key area of the economy, reduce carbon emissions, improve energy efficiency, and enhance the safety of workers”.

The project supported by the bank of the European Union will be carried out from 2015 until 2018 and implemented by more than 5 000 Atlas Copco employees, with some 1 350 directly involved in the research and development work. EIB Vice-President Jonathan Taylor commented: “Projects such as this strengthen the competitiveness of European companies, so enhancing Europe’s position as a major technology supplier and supporting skilled employment opportunities.”