GBS (IEU LS)

The project supports the research and development of exoskeletons and related services, as well as capital expenditures and costs related to market access.

The project will enhance the promoter's technology edge and capabilities supporting the development and deployment of new technologies and innovative, high value-added products and services, addressing the prevention of musculoskeletal disorders and lower back pain, amongst others.

This financing falls under the Invest EU objective: "Support under the Research, Innovation and Digitisation (RID) window shall facilitate and accelerate access to finance for research and innovation (R&I) projects, promoters, businesses and other innovative entities and stimulate the digital transformation of businesses, markets and Member States in accordance with Articles 3(2)(b) and 8(1)(b) of the InvestEU Regulation."

The project involves investments concerning the research, development, manufacturing and market access in connection with the Company's innovative exoskeleton solutions and related services. The financing will enhance the promoter's technology edge and capabilities supporting the development and deployment of new technologies and innovative, high value-added products and services. Such investments involve high risks, and the company would otherwise not have access to non-dilutive or debt-funding options at comparable volumes or terms.

The EIB financing is also expected to have a signalling effect for crowding in further investors. Structuring the financing as venture debt caters to the needs of this early growth stage company and takes into account expected future cash flows by applying deferred interest rates and equity kickers to limit cash outflow during the investment phase and ensure a risk-commensurate return.

The project concerns investments in research and development activities carried out by the Promoter and its partners in existing facilities without changing their already authorised scope. The research and development activities of the project do not fall under either Annex I or Annex II of the EIA Directive 2011/92/EU amended by Directive 2014/52/EU.

The promoter is a private company not operating in the utilities sector and not having the status of a contracting authority. Thus, it is not covered by EU Directives on procurement. However, the promoter's procurement procedures are expected to be in line with EIB guidelines for private sector projects.