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PARIS – Valeo has received approval of € 600 million ($ 727 million) in financing from the European Investment Bank for projects to reduce emissions and improve active safety, including mild hybrid technology of 48 volts and autonomous driving.
The money will be disbursed by 2022, starting with an initial loan of 300 million euros, and will go to R&D projects in the Czech Republic, France, Germany and Ireland.
Jacques Aschenbroich, CEO of Valeo, described the funding as “extremely important”.
“This will allow us to continue our research efforts and strengthen our technological leadership in key areas of reducing CO2 emissions and improving road safety,” he said in a statement on Wednesday.
Other projects that will receive funding include battery cooling, cabin air conditioning, advanced driver assistance, lighting and “smart” windshield wipers. Valeo has announced its intention to devote a total of 1.4 billion euros to these projects over the next four years.
Valeo has already received funding from the European Investment Bank, or EIB, including a loan of 300 million euros in 2009 for research in the same fields.
The EIB has given priority to projects to reduce greenhouse gas emissions. In 2020, it allocated a total of more than one billion euros to encourage the development of European production of battery cells.
Other recent funding for automotive suppliers includes 150 million euros in funding to Decmber from the ZKW group in Austria for lighting research and 200 million euros to Gestamp last May for research on light metals.
Valeo is n ° 10 in the ranking Automotive News Europe list of the top 100 global suppliers, with auto parts sales to automakers worldwide of $ 18.05 billion in 2019.
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