- The EU’s bank, the EIB, lends €115 million to Danish hearing healthcare company Demant A/S.
- The EIB loan will support investments in research and development (R&D) of high-tech, new hearing products, helping people with hearing difficulties across the world to alleviate problems linked to living life with hearing loss, thus leading to improved quality of life and enhanced social inclusion.
- The R&D project will take place in Denmark and Poland.
The European Investment Bank, EIB, is a main player in financing innovation for the European Union. The project will help people in need of hearing aids across the world to get access to technology and care that can improve lives. At the same time, it creates a competitive advantage for the European Union in the hearing healthcare sector. By financing this project, the Bank supports a leading European medical technology company specialised in hearing aids and other acoustic devices to continue to improve the lives of people with hearing loss. The new, modern, high tech hearing aid applications that will be developed as a result of the project will improve the social inclusion possibilities of people living with hearing loss, reduce the risk of cognitive decline and enhance people’s ability to participate in life.
EIB Vice President, Christian Thomsen, responsible for Denmark, commented: "It is an important goal for the EIB to lend capital for investments to facilitate full implementation of innovation projects. This is crucial for the economy and jobs, and exactly why the EIB is needed, to support R&D in this dynamic sector of society with financing solutions. I am proud that with our backing, we will contribute to Demant’s continued investments in their R&D activities, which will make a difference for people’s health and quality of life, with access to new, better hearing aids."
Financing innovative technology for hearing aids
The EIB loan to this project strengthens the European industrial research and innovative capacity and will contribute to technology advancement, the economy, sustainable growth and employment, as it is in line with Horizon Europe’s priorities of strengthening the European Union’s scientific and technological foundations and European Research Area (ERA), thereby increasing innovation capacity, competitiveness and the number of jobs in Europe.
Background information
About the EIB
The European Investment Bank (EIB) is the bank of the European Union, owned by the EU27 Member States. It is active in some 160 countries and is the world’s largest multilateral lender for climate action projects. The bank is providing long term financing for economically sustainable investments to contribute to the European Union’s political objectives. The EIB Group has set “ensuring a just transition for all” as one of the four overarching objectives in its Climate Bank Roadmap 2025. The EIB’s ambition is to support €1 trillion of climate action and environmental sustainability investments in the decade to 2030 and align all its new operations with the goals and principles of the Paris Agreement.
About Demant:
Demant is a world-leading hearing healthcare and technology group built on a heritage of care, health and innovation since 1904. The Group offers innovative technologies, solutions and know-how to help improve people’s health and hearing. In every aspect, from hearing care, hearing aids and hearing implants to diagnostic equipment and services and audio solutions, Demant is active and engaged. Headquartered in Denmark, the Group employs around 20,000 people globally and is present with solutions in 130 countries where we create life-changing hearing health. William Demant Foundation holds the majority of shares in Demant A/S, which is listed on Nasdaq Copenhagen as a blue chip stock.
