Renault gets EIB loan for EV R&D

The European Investment Bank (EIB) has granted a US$237 million loan to the Renault Group to contribute to R&D for a new generation of batteries and motors for electric vehicles.
March 15, 2012 Read time: 2 mins
The 1054 European Investment Bank (EIB) has granted a US$237 million loan to the 2453 Renault Group to contribute to R&D for a new generation of batteries and motors for electric vehicles. This loan will be deployed in France and the main main objective is to make electric vehicles more competitive and ultimately speed up the development of a mass market. Lowering consumption of CO2 emissions and other harmful pollutants is also at the heart of this research programme, with a potential annual reduction of more than 150,000 tonnes of CO2 compared to vehicles fitted with conventional engines.

“We support leading-edge technologies since they shape the future in terms of sustainable development and competitiveness”, remarked EIB VP Philippe de Fontaine Vive. “This cooperation will enable us to prepare together the future of the motor industry in Europe, whose citizens will be the first to benefit in their day-to-day lives.”

This loan continues the quality partnership established between the EIB and the Renault Group. In 2009, the Group received a US$527 million loan from the EIB for its research, development and innovation (RDI) activities aimed at optimising and increasing the efficiency of conventional powertrains and developing wholly electric vehicles.

For more information on companies in this article

Related Content

  • Developing the European roads of the future
    February 14, 2012
    A new project aims to bring Europe to the forefront of developing the future of transport. A three-year project has set itself the challenge of developing a "truly inspiring vision" of how roads will be built and maintained in the 21st century. Forever Open Road is a revolutionary concept led by the Forum of European National Highway Research Laboratories (FEHRL) and supported by the UK's influential TRL (Transport Research Laboratory).
    Read More
  • IRF Global Road Achievement Awards winners
    March 15, 2012
    The International Road Federation (IRF) recognised the winners of the 2011 Global Road Achievement Awards (GRAA) Competition at the 11th Annual IRF Awards Luncheon in front of an audience comprising hundreds of high-level government officials, top executives, and other road industry professionals.
    Read More
  • New CECE president takes over
    January 10, 2020
    Niklas Nillroth has taken over as president of European construction equipment association CECE, starting from January 1 this year.
    Read More
  • Manufacturers push hybrid driveline technology
    January 6, 2017
    Driveline technology continues to develop rapidly, with many manufacturers at this year’s Conexpo exhibition showing Tier 4 Final emissions solutions, along with a host of fuel saving transmissions and hydraulic systems, all aiming to reduce operating costs for the customer. However, while there was certainly a hybrid presence at the show, things haven’t perhaps moved forward as fast as many had expected.
    Read More

Highlighted Content