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Signature(s)

Amount
€ 20,000,000
Countries
Sector(s)
Italy : € 20,000,000
Industry : € 20,000,000
Signature date(s)
31/10/2023 : € 20,000,000
Link to source
Data sheet

Summary sheet

Release date
8 June 2023
Status
Reference
Signed | 31/10/2023
20230159
Project name
Promoter - financial intermediary
XNEXT (IEU FT)
XNEXT SPA
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 20 million
EUR 53 million
Location
Sector(s)
Description
Objectives

Xnext is a technology innovator start-up designing and developing X-ray machines, which are based on multilevel energy photon counting detector for real time quality and safety controls, mainly used in the food sector. The EIB loan will finance the promoter's research, innovation and development (RDI) expenses for the inspection of next generation X-ray machines.

The project will support the promoter's continued RDI and improvement of its proprietary technologies to increase the coverage of industry applications. The investments will also support its international expansion, by financing the consequent higher expenses in sales and marketing, as well as in net working capital.

Additionality and Impact

The operation is in line with the InvestEU objectives of research development and innovation as well as of the development, deployment and scaling-up of digital technologies and services.

The market failures addressed by the planned investments concern information asymmetries in particular in case of early stage firm focusing in high risk activities, including exposure to higher levels of risks in certain sectors beyond levels that private financial actors are able or willing to accept, including where the investment would not have been undertaken or would not have been undertaken to the same extent because of its novelty.

The benefit of InvestEU in this specific case is the reinforcement of the Bank's risk capacity, which allows the Bank to address a distinct market failure and sub-optimal investment situations arising from the ongoing difficult context. Without the InvestEU initiative, EIB would not be able to support this operation to the same extent.

Environmental aspects
Procurement

The project activities do not fall under the Annexes I or II of the EU Directive 2014/52/EU amending the Environmental Impact Assessment (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 EIA.

The promoter is a private company not operating in the utilities sector and not having the status of a contracting entity, thus not being subject to EU rules on public procurement. However, if at the project appraisal, the EIB were to conclude that the promoter is subject to EU public procurement legislation, then the European Commission will be duly informed, which would require the promoter to apply those rules.

Milestone
Under appraisal
Approved
Signed
17 August 2023
31 October 2023
Related projects
Link to source
Summary 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) - XNEXT (IEU FT)
Publication Date
22 Aug 2023
Document language
Main Topic
Lending
Document Number
169622407
Document Focus
Environmental Information
Project Number
20230159
Sector(s)
Regions
Countries
Publicly available
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