EU bank lends €45m for low-emission exhaust systems

A German technology firm has received a loan worth €45 million (£38.7m) to improve exhaust technology for cars and commercial vehicles and cut emissions and noise. The cash from the […]

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By Priyanka Shrestha

A German technology firm has received a loan worth €45 million (£38.7m) to improve exhaust technology for cars and commercial vehicles and cut emissions and noise.

The cash from the European Investment Bank (EIB) will support Friedrich Boysen’s research and development (R&D) of new exhaust systems that also meet the requirement of “stricter regulations” in the future. The exhaust technologies will be used in passenger, light commercial, heavy goods and off-road vehicles.

The project also includes the construction of an innovation centre in the town of Nagold in south west Germany whilst the R&D will be carried out at Boysen’s technology centre at its headquarters.

With Boysen currently employing around 2,000 people across the world, the EIB classes it as a “midcap” – a medium sized firm with up to 3,000 employees.

Wilhelm Molterer, EIB Vice-President responsible for lending in Germany said: “Midcaps frequently manage to link innovation and the environment in an impressive way, thereby making a substantial contribution to strengthening Europe’s competitiveness.

“This is why the EIB sees supporting this sector as one of its core tasks. With the R&D programme financed today, Boysen is making an important contribution to ensuring the environmental sustainability of Europe’s transport system in the exhaust treatment field.”

The EIB provided a total of €13 billion (£11.2bn) for around 200,000 SMEs and midcaps last year. Last month Spain also signed a €200m (£172.6m) contract with the EIB to modernise its electricity distribution network.