A global supplier for the car industry has been granted €80 million (£71m) to develop innovative technologies that ensure more efficient and less polluting manufacturing processes and vehicle components.
CIE Automotive, headquartered in Bilbao, will use the investment from the European Investment Bank (EIB) on the development of hybrid and lightweight materials as well as the design and manufacture of new electric vehicle (EV) components.
It aims to employ new digital production processes that will increase energy efficiency through the recycling and reuse of raw materials.
It will invest the money at its plants in Spain, France, Portugal, Czech Republic, Slovakia, Romania and Lithuania.
The programme is expected to help create jobs and will be implemented over five years up to 2022.
EIB Vice President Emma Navarro said: “Supporting innovation by large corporates is essential to guaranteeing their future and their ability to compete globally. As the EU bank, we are pleased to be mounting an operation that, by providing funds for a Spanish multinational, is helping to secure Europe’s leadership in the car industry.
“This agreement will enable seven European countries to benefit from EIB financing and will help research centres and European universities to develop new patents within the EU.”