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Signature(s)

Amount
€ 30,000,000
Countries
Sector(s)
Ireland : € 30,000,000
Industry : € 30,000,000
Signature date(s)
28/11/2023 : € 30,000,000
Link to source
Data sheet

Summary sheet

Release date
30 October 2023
Status
Reference
Signed | 28/11/2023
20220945
Project name
Promoter - financial intermediary
XEROTECH (IEU G)
XEROTECH LTD
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 30 million
EUR 64 million
Location
Sector(s)
Description
Objectives

Xerotech produce batteries for non-automotive machines in particular electric off-road vehicles through an innovative process developed inhouse. The project will scale up the capacity of battery pack assembly.

The aim is to contribute to support Xerotech's manufacturing capabilities to deploy modular battery solutions in the Nonroad Mobile Machinery (NRMM) space. This will enable the company to further expand it's production and reduce costs, hastening the electrification in the NRMM sector.

Additionality and Impact

The operation is in line with the InvestEU research, development and innovation objective through deployment of technologies and processes. It is in particular aligned with Annex II (2) development of sustainable and safe transport infrastructures and mobility solutions, equipment and innovative technologies.

 

The project is eligible under Article 309 point (c) Common interest, and qualifies under the Bank's Innovation; Digital and Human Capital" public policy goal.

 

The project concerns the deployment of process with patented technology which allows the decarbonisation of Non-Road Mobile Machinery (NRMM).

 

The project addresses several market failures. Imperfect competition is present in the field of the battery manufacturing supply chain, mainly served by dominant non-EU manufacturers. As well, imperfect and asymmetric information affects the Project, as the promoter is a start-up investing in innovative technology competing with established companies and technologies. Having access to EIB financing also allows the Promoter to accelerate the deployment of the technology and reach the market faster.

 

Alongside its positive climate externalities the project will support innovation in the battery supply chain.

 

EIB is providing a substantial amount of senior financing to the Project, with a catalytic role, expected to crowd in other financiers. With the EIB participation, the Promoter will be able to diversify its funding sources and improve its financing conditions.

 

The project would not have been carried out (to the same extent) by the EIB without the InvestEU support.

Environmental aspects
Procurement

The project does not require any specific environmental permits as they do not have any trade effluent or process emissions.

The promoter has been assessed by the EIB as being a private company not being 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 the 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
27 October 2023
28 November 2023
Related projects
Link to source
Summary sheet
Other links

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) - XEROTECH (IEU G)
Publication Date
1 Nov 2023
Document language
Main Topic
Lending
Document Number
171370516
Document Focus
Environmental Information
Project Number
20220945
Sector(s)
Regions
Countries
Publicly available
Download now

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