The European Investment Bank has provided Spanish technology and engineering firm QEV Technologies with €17 million in funding to conduct research and development of electro-mobility technologies.
The funding is supported by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe, also known as the Juncker Plan.
QEV Technologies will leverage the funding to expand its workforce from 100 to 250 by 2023 of which 215 will be involved in research, development and engineering activities.
The firm will continue developing e-kits for the electrification of public transport vehicles in Asia, Latin America and Africa.
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In the Philippines, QEV has equipped ten modern minibuses (GET) and several Jeepneys – which are the most popular means of public transportation in the country and produce 3 654 tonnes of CO2 per day in Manila alone – with e-kits to significantly reduce their emissions.
The firm will deploy 100 additional minibus units in the Filipino capital by the end of the year and plans to roll out up to 10 000 units per year around the world.
Electric vehicles is a hot topic set for discussion at this year's European Utility Week and POWERGEN EUROPE conference. Click here to register to attend or more information about the event.
The EIB has provided the funding as part of efforts to promote the adoption of electro-mobility and to combat climate change.
EIB dedicates to climate and environmental objectives to 50% of its activity by 2025 and mobilising up to EUR 1tn by 2030 to support investments helping to achieve these goals.
Miguel Valldecabres, CEO of QEV Technologies stated: “The EIB financing will help us to accelerate innovation in the field of electric mobility and in the scaling up of our products to make a significant impact on electrification around the world. Through electric racing series, we plan to continue developing new technologies that will later be used for the various projects we are working on with large established automotive brands. We are very proud that the EIB has trusted and backed our R&D projects and will support us throughout this journey. There couldn’t be a better place than Web Summit, the best tech conference in Europe, to announce this push for electric mobility.”