EIB allocates €430m loan to boost Europe’s green transition

The European Investment Bank (EIB) said on Friday it was providing a €430 million loan to SKF, a Sweden-based global leader in bearings and seals, to fund research, development, and innovation (RDI) supporting Europe’s green transition.

The funding will enhance SKF’s advancements in technologies for electric rail traction, wind energy, hydrogen systems, and heat pumps across six European countries.

“This loan underscores our commitment to supporting innovation for a greener future,” said EIB Vice-President Thomas Östros, emphasising SKF’s role in renewable energy and electric mobility.

The move aligns with EU policies like Horizon Europe and REPowerEU, targeting reduced reliance on fossil fuels. SKF CEO Rickard Gustafson highlighted the partnership’s contribution to sustainable solutions and innovation-driven efficiency.

The project aims to improve systems like wind turbine gearboxes and electric traction, bolstering SKF’s role in the EU’s green transformation while diversifying its funding base.

Attribution: The European Investment Bank (EIB)

Subediting: Y.Yasser