EIB will contribute the loan for the research and development of future generations of motors for EVs, that will assist the development of expertise in products and processes for lithium-ion batteries and engine technologies for electric powertrains.
The research program also aims to reduce consumption of CO2 emissions and other harmful pollutants, with a potential annual reduction of more than 150 000 tonnes of CO2 compared to vehicles fitted with conventional engines.
EIB vice-president Philippe de Fontaine Vive said the cooperation will enable the bank to prepare together the future of the motor industry in Europe, whose citizens will be the first to benefit in their day-to-day lives.
This loan continues the quality partnership established between the EIB and the Renault Group.
In 2009, the Group received a EUR400m loan from the EIB for its research, development and innovation activities aimed at optimizing and increasing the efficiency of conventional powertrains and developing wholly EVs.
