EGGTRONIC (EGF VD)

Promoter – Financial Intermediary

EGGTRONIC ENGINEERING SPA

Location

• Italy

Description

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.

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.

Objectives

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.

Comments

No issue

Sector(s)

• Industry - Manufacturing

Proposed EIB finance (Approximate amount)

EUR 15 million

Total cost (Approximate amount)

EUR 18 million

Environmental aspects

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).

Procurement

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.

Status

Signed - 18/11/2021