PROJECT RED (I-EU TI)

Promoter – Financial Intermediary

Vigo Photonics SA

Location

• Poland

Description

The project concerns the promoter's activities in research and development (R&D) of new photoni -electronic integration (PIC) technology, Infrared (IR) detectors and modules, as well as the related capital expenditures.

Additionality and Impact

The project is line with the InvestEU objective of Thematic Innovation - Strategic Digital Technologies. The project contributes to the Public Policy Goal Innovation, Digital and Human Capital - RDI. The project consists of private sector investments in photonics. Photonics is recognised as one of the Key Enabling Technologies (KETs), having a decisive impact on the future of the European economy. Moreover, the project is in line with Europe's Digital Strategy, European Industrial Strategy, Digital Sovereignty, IPCEI (Important Project of Common European Interest) on microelectronics II and an enabler of the European Green Deal.

 

The project is expected to lead to the development and deployment of innovative product and process technologies, generating significant positive knowledge externalities. Moreover, photonics are an enabling technology that enables innovation, which results in productivity growth across all adopting sectors of the economy.

 

The promoter's strategy depends on significant RDI investments in order to lead the technology development. The promoter thus faces challenging financing needs. The EIB financing, with an innovative structure adapted to the risk profile of the company, allows the promoter to finance its investment plan and generates a positive crowding-in effect for other investors. The EIB loan offers the Company significant drawdown flexibility and a mid-term financing option. The project would not have been carried out (to the same extent) by the EIB without the InvestEU support.

Objectives

The aim is to develop and commercialise new photonic detector products.

Sector(s)

• Industry - Manufacturing

Proposed EIB finance (Approximate amount)

EUR 21 million

Total cost (Approximate amount)

EUR 42 million

Environmental aspects

The project activities do not fall under Annexes I or II of the EU Environmental Impact Assessment (EIA) Directive2014/52/EU amending the EIA Directive 2011/92/EU.

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.

Status

Signed - 12/09/2024