Power electronics is the invisible friend that makes the world work
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Data sheet
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Summary sheet
Release date
11 May 2021
Status
Reference
Signed | 18/11/2021
20210055
Project name
Promoter - financial intermediary
EGGTRONIC (EGF VD)
EGGTRONIC ENGINEERING SPA
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 15 million
EUR 18 million
Description
Objectives
Eggtronic is an Italian start-up specialised in power electronics and, more specifically, in power conversion and wireless power. The company's technologies enable better energy efficiency and compactness in applications for consumer electronics, home appliances, data centers, electric and hybrid vehicles, smart grids and others.
The objectives of the EIB financing are to support the company to mitigate the impact of the COVID-19 pandemic and to execute its growth investments, mainly in research and development (R&D) and commercial expansion.
Additionality and Impact
The project supports the policy objective of support for SMEs, as well as innovation and digitalisation by providing tailored venture debt financing to an innovative start-up in the area of developing power conversion/wireless power solutions and acting as a driver of innovation in the power electronics sector.
The project entails positive knowledge spill-overs related to the development of energy efficient power conversion and wireless power applications in millions of devices, which enables significant reductions in power consumption and related greenhouse gas emissions, and hence strengthens the EU's innovative position in power electronics markets.
EIB's financial contribution facilitates the SME's sustainable growth and helps to maintain its technological edge, despite the adverse economic conditions resulting from the COVID-19 outbreak. Furthermore, it provides a positive signalling effect to crowd-in further financing from private investors.
Environmental aspects
Procurement
The project activities do not fall under the Annexes I or II of the EU Directive2014/52/EU amending the EIA Directive 2011/92/EU. The project will be carried out in existing facilities, already authorised, that will not change their scope due to the project. As such, the project activities are not subject to a mandatory Environmental Impact Assessment (EIA).
The Promoter is a private company not operating in the utilities sector and not having the status of a contracting entity, and is thus not subject to EU rules on public procurement. Under these conditions, the procurement procedures followed by the Promoter are suitable for the project.
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Summary sheet
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Data sheet
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).
Documents
Environmental and Social Data Sheet (ESDS) - EGGTRONIC (EGF VD)
Publication Date
4 Sep 2021
Document language
Main Topic
Lending
Document Number
141221010
Document Focus
Environmental Information
Document Type
Project Number
20210055
Sector(s)
Regions
Countries
Publicly available
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News & Stories
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Inside the project
How and Why
Convenient for people, good for the planet
Why
- Current power converters for energy storage have limited efficiency, performance, cost and size
- Challenges the intrinsic architecture of power converters to reduce switching losses
- Make electronic devices as energy efficient as possible
- Build smaller devices, from chargers for smartphones, to laptops, to converters for electric and hybrid vehicles
How
- Eggtronic modified the architecture of the electronic circuit, to reduce switching losses
- Performance of every transistor is boosted
- Wireless power technologies from Eggtronic are thin and energy efficient, and capable of charging and supplying every device with total position freedom
Sectors & Countries
Play video
0:47
Story
Energy efficient electronics
Eggtronic was founded in 2012 in Modena. At the time it had a handful employees working in a garage. But the founder’s inventions were credited with revolutionizing power electronics to the point that in 2019 Tom Tom, a Dutch multinational, invested in the company. Today Eggtronic has more than 70 employees and already filed 340 patents.
Eggtronic will use the financing to invest in research and development for products that are potentially important to Europe’s climate goals, such as ways to store energy (pumped hydroelectric, compressed air, and flywheels).
Eggtronic has come up with very innovative products in an area with a lot of potential
Energy storage and power converters
Energy storage innovation could be a “game-changer” on the path to net-zero emissions.
Power converters are the backbone of every energy storage system where they are used to handle the bidirectional flow of energy to and from the storage system.
From 10W to 10+kW, Eggtronic’s converters for energy storage increase energy efficiency and reduce component counts, helping to achieve global carbon neutrality.
The development and production of batteries is essential for the clean energy transition as they are a key enabling technology for low-emission mobility, as well as for stationary energy storage.
In the long term, batteries are expected to play a significant role in managing the variability of renewable energy generation sources such as wind and solar. They will store electricity during periods of excess production and then discharge it when demand is high. Let’s see how
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