VAY TELEDRIVEN MOBILITY SERVICES (IEU GT2)

Promoter – Financial Intermediary

VAY TECHNOLOGY GMBH

Location

• Germany

Description

The project will finance the development and commercialisation of tele-drive technology and the deployment of an innovative car sharing service based on a fleet of about 1,100 zero-emission electric vehicles. The service will be rolled out across German cities over the period 2024-2027.

Additionality and Impact

This project concerns an innovative shared mobility solution, based on teledriven electric vehicles (EVs). The operation focuses on the financing support of the Company's technology development and fleet deployment across Europe with an initial focus with Germany.

 

The investment

• contributes to the Bank's Transport as well as its Innovation, Digital and Human Capital objectives and it qualifies under the EIB Climate Action and Environmental Sustainability policy objective;
• both contributes to addressing the environmental impact of transport as well as technology advancement and other positive knowledge externalities
• is eligible under Article 309 point (c) common interest;
• addresses the Invest EU eligible areas as per the Annex II of InvestEU Regulation and aligns with specific eligibilities under Thematic Green Transition (Schedule A.2.1 of InvestEU Guarantee Agreement), in particular with 1.1.2 Future mobility.

 

Technology development of this nature faces difficulty attracting sufficient risk capital during the commercialisation and scale-up phase. EIB support helps address this sub-optimal situation and accelerates the expected benefits to society. In addition, EIB's involvement brings additional financial flexibility to the Company, diversifies its funding base, and unlocks other long term funding for the implementation of this project, in ways which are not readily accessible at this scale from capital markets.

Objectives

The aim is to develop electric vehicles based on innovative car sharing mobility service, which will accelerate the electrification of road transport sector transport and offer an alternative mobility service to privately owned vehicles, particularly in urban areas. The project supports the Sustainable Development Goals (SDGs), particularly SDG 13 "Climate Action," SDG 11 "Sustainable cities and communities". By enabling the provision of electric mobility to travellers, the project also contributes to mobilising investment in electric vehicle (EV) industries and EV charging (EVC) infrastructure, thus improving the supply of electric mobility in the urban context.

Sector(s)

• Transport - Transportation and storage

Proposed EIB finance (Approximate amount)

EUR 34 million

Total cost (Approximate amount)

EUR 103 million

Environmental aspects

By developing a shared mobility scheme and using EV, as an alternative to privately owned vehicles, the project will generate a range of economic and social benefits, such as the reduction of carbon and air pollutant emissions.

Procurement

The promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the Promoter is subject to EU public procurement legislation then the Bank would duly inform the Commission Services and would require the Promoter to apply those rules.

Status

Signed - 9/09/2024