The European Investment Bank (EIB) is providing €17 million (£14.66m) in financing to a Spanish technology and engineering firm working to advance the electric vehicle (EV) market.

The money is being offered to QEV Technologies to support its research and development activities surrounding electric powertrains for small urban transport vehicles, as well as its fast charging systems and electric racing technologies.

The company currently manufactures parts for both Formula-E racing cars as well as electric conversion kits for road-going vehicles – it is the technology partner for several car manufacturers working to produce fully electric cars.

It says the new investment will help promote sustainable mobility, combat climate change and support new jobs, with the company’s headcount expected to grow from 100 employees in 2019 to around 250 by 2023.

EIB Vice President Emma Navarro said: “At the EU Bank, we are committed to fostering innovative investments that contribute to the transition towards a low carbon economy, a transformation that will help to tackle climate change and to promote economic growth and job creation.”