InnovFin provides €100 million to construct a European research centre to push the boundaries of physics
The European Investment Bank (EIB i) and the European Spallation Source (ESS) in Lund, Sweden today signed an EU-backed loan agreement worth 985 million Swiss francs (€100 million). The EIB joined forces with both the Nordic Investment Bank (NIB) and Svensk Exportkredit (SEK) who provided €100 million each, for a total of €300 million in financing in support of the ESS.
The loan was extended under the “InnovFin - EU Finance for Innovators” programme with the financial backing of the European Union under Horizon 2020, the EU's research and innovation funding programme.
Carlos Moedas i, Commissioner for Research, Science and Innovation, said: "The EU has been supporting ESS through grants from Horizon 2020, our research and innovation programme, and granted its legal status of European research infrastructure last year. This loan, backed by Horizon 2020, will help to push the boundaries of knowledge in a range of disciplines with concrete impact on people's lives, from the construction of industrial motors to developing proteins for medical applications."
The finance will be used to construct the European research centre and supports the ESS’ to continue its cutting edge research to develop new opportunities in the fields of life sciences, energy and environmental technology using neutron scattering methods.
Background:
Under Horizon 2020, the EU's research programme for 2014-20, the European Commission and the European Investment Bank Group (EIB and EIF) have launched a new generation of financial instruments and advisory services to help innovative firms access finance more easily. InnovFin - EU Finance for Innovators offers a range of tailored products which will make available more than €24 billion of financing support for research and innovation by small, medium-sized and large companies and the promoters of research infrastructures. This finance is expected to support up to €48 billion of final investments in research and innovation.
InnovFin Large Projects aims to improve access to risk finance with loans and guarantees from €25 million to €300 million delivered by the EIB for research and innovation projects promoted by larger companies (over 3000 employees), universities and public research organizations, research infrastructures, public-private partnerships and special purpose vehicles or projects.
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