European Investment Bank Backs Development of Energy-Efficient Household Goods from Electrolux
May 13, 2015
The European Investment Bank (EIB) announced that it will provide a €150 million loan to AB Electrolux for the development of more energy-efficient, more user-friendly and better performing white goods and small electric household appliances.
The EIB loan will enable the company to develop innovative household goods that will consume less electricity and use fewer resources, such as raw materials in production or water during operation. Moreover, the research activities aim to increase the use of recycled materials in the production of kitchen and laundry products, which will also have improved end-of-life recyclability. The new household goods will ensure a better performance and comply with EU legislation on energy labeling and eco design, meeting tougher standards in terms of energy consumption, noise levels, pickup performance and emission limits.
“We are pleased to be able to sign this agreement with Electrolux, as this project with its strong environmental component will contribute to achieving a resource-efficient and climate change resilient economy and society,” said Jonathan Taylor, EIB Vice-President responsible for lending in Sweden.
Electrolux’s research, development and innovation activities will be carried out mainly in Sweden, Italy and Germany, maintaining a high level of R&D personnel and highly skilled staff. They also will involve close cooperation with European universities and research laboratories, helping to disseminate cutting-edge technologies.
“Projects such as this strengthen the competitiveness of European companies, thus enhancing Europe’s position as a major technology supplier and supporting skilled employment opportunities,” said Taylor.
This project is a continuation of the EIB’s successful cooperation with Electrolux. Including the current operation, the EIB has provided four loans to Electrolux, making the company’s financing more cost efficient and extending the maturity profile of its debt.