- The EIB financing will also help to digitalise GAM and its vocational training provided through Kirleo.
- The agreement is supported by European Fund for Strategic Investments EFSI, the main pillar of the Investment Plan for Europe.
The European Investment Bank (EIB) will lend €35 million to the Spanish multinational GAM (BME ticker: GALQ), which specialises in turnkey machinery solutions for industry, to make its rental fleet electric and develop more sustainable last-mile solutions for its subsidiary Inquieto. The loan will also be used to digitalise and develop Kirleo, the company’s vocational training school, therefore supporting digital skills development and training at the company. The EIB loan is backed by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe. This financing is in line with GAM’s strategic approach based on innovation and sustainability.
Driving sustainable transport
With the support of the EIB, backed by EFSI, GAM will step up its investments in new energy-efficient equipment and advanced electric vehicles to replace any units in its fleet with a high carbon footprint. A more contemporary and innovative electric fleet will minimise CO2 emissions, a goal the company has been working towards for several years.
The financing will also help GAM’s subsidiary, Inquieto, to expand its fleet of zero-emission vehicles for last-mile delivery. This is good news for cities amid the current e-commerce boom, marking progress towards a sustainable urban model.
The project is also important for the circular economy, as it encourages the use of rented high-tech equipment. With these investments, GAM will be able to increase the availability of its fleet and achieve a higher average rate of use of its rental equipment.
EIB Vice-President Ricardo Mourinho Félix said: “We are pleased to be signing this first EIB operation with GAM. This loan will contribute to the energy transition by promoting the development of a decarbonised circular economy. With the support of the European Fund for Strategic Investments (EFSI), our financing will help to replace equipment with electric and low-carbon motors more quickly. This will not only drive sustainable mobility in Spain, but will also help to digitalise the sector and create jobs.”
Commissioner for Economy, Paolo Gentiloni, said: “This EIB loan backed by the Investment Plan for Europe for GAM, active in the industrial machinery sector, is great news for advancing sustainability and innovation in Spain and across the EU. Not only will this support allow the company to electrify its existing fleet of rental vehicles, thereby improving their sustainability. It will also further boost the development of rental solutions, to promote a circular economy approach in this sector. Finally, the funding will also go towards advancing digital training at the company, allowing workers to acquire the skills needed for the industrial transformation.”
According to GAM’s Chief Financial Officer Antonio Trelles: “This loan diversifies our sources of funding and will help us expedite our plans to minimise GAM’s CO2 emissions, one of our strategic priorities. We greatly appreciate the EIB’s faith in our company, which will enable us to pursue our digitalisation strategy and, of course, enhance our commitment to sustainability and to society.”
Supporting digitalisation and technical training
GAM’s investments will also cover other strategic areas, digitalising the company’s processes to increase its competitiveness in the sector. One of the areas that will benefit from this loan is its online vocational training programme Kirleo. Its offer of unaccredited vocational training will be enhanced through innovative tools, giving students the opportunity to update their knowledge in many areas of their profession or to refocus their careers. This reskilling and upskilling will improve the company’s performance and enable it to match the high demand for technical expertise in the market. Such training opportunities will help GAM to retain and attract talent and to increase its competitiveness.
The investments are also expected to have a positive impact on employment. According to the EIB’s estimates, over 100 people will be hired per year during the implementation phase and 68 full-time jobs will be created.
This is the first financing agreement between the EIB and GAM, and is supported by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.
Background information:
The European Fund for Strategic Investments (EFSI) is the main pillar of the Investment Plan for Europe. It provides first loss guarantees, enabling the EIB Group to invest in more, often riskier projects. The projects and agreements approved for financing under EFSI have so far mobilised €524.3 billion in investment, benefiting more than 1.4 million small and medium-sized enterprises in total. The Investment Plan for Europe has been replaced by the new InvestEU programme, although a number of previously approved operations can still be signed.
GAM is a listed Spanish multinational (BME ticker: GALQ), which was founded in the Asturias region of Spain in 2003. It specialises in turnkey machinery solutions and services for industry, including rentals, sales, maintenance, training, events, power supply, modular spaces, robotics, drone engineering and more.
With a network of 75 offices across ten countries, it had more than 1 300 employees in November 2022.