SAMOTICS (IEU FT)

The project promoter, Samotics, is a B2B Dutch SME that has developed a predictive maintenance and energy efficiency optimisation solution for industrial companies based on Electrical Signature Analysis. Its system focuses on monitoring and analysing electric motors to detect energy inefficiencies and predict malfunctioning through Artificial Intelligence driven recommendations. The project finances the further development and deployment of an innovative condition monitoring and predictive maintenance solution for critical industrial assets.

The aim is to support the promoter in further enhancing and expanding its offering towards new industries and areas of application in existing and new geographies.

The operation is in line with the InvestEU objectives of research development and innovation. Specifically, the eligible area as per Annex II of the InvestEU Regulation is: The development, deployment and scaling up of digital technologies and services in particular through Artificial Intelligence and the Internet of Things. The project finances the development and deployment of an innovative predictive maintenance solution. It supports investments in Digital technologies aligned with EU policy objectives (Digital Europe Programme, Europe's Digital Decade: digital targets for 2030) and strengthening the competitiveness of the sector for the benefit of citizens and businesses across the Union, while contributing to the Bank's Policy objective "Innovation, Digital and Human Capital". The activities are expected to facilitate the accumulation and diffusion of knowledge within the European industry. This operation addresses the sub-optimal investment situations associated with imperfect competition and incomplete markets, by contributing to increase the level of competition and enable the development, adoption and scaling-up of advanced digital technologies in the EU. It supports both the relevant RDI and market expansion to build scale. In doing so, it targets significant positive knowledge externalities. The InvestEU quasi-equity financing addresses the market failure of availability of non-dilutive growth capital for fast growing innovative SMEs and Midcaps, allowing the company to continue investing in R&D, creating skilled R&D jobs in the EU and support its growth. The envisaged EIB financing provides the Promoter with a funding solution with better financial terms (fixed rate, longer tenor and availability period) and tailored to its needs and growth plans. It also provides a strong signalling effect on the quality of the project, facilitating other financiers. The project would not have been carried out (to the same extent) by the EIB without the InvestEU support.

The project activities do not fall under Annexes I and II of the Environmental Impact Assessment (EIA) Directive 2014/52/EU amending Directive 2011/92/EU, and are therefore not subject to mandatory Environmental Impact Assessment. The activities included in the scope are not expected to have any relevant environmental impact.

The Promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions.