GOTHENBURG, Sweden, November 22, 2024- Swedish company SKF has secured 430 million euros of funding with the European Investment Bank (EIB) to expand its operations in research and development (R&D) in high-growth technologies that are sustainable.
The long-term loan with a duration of ten years shall facilitate the expansion of the innovation initiatives of SKF with a specific emphasis on lowering environmental footprints and accelerating the EU’s transition to a more sustainable economy.
“The financing supplements our strategy to design state-of-the-art construction solutions based on environmental protection principles. It is important to develop new solutions, new technologies,”
Said the President and CEO of SKF, Rickard Gustafson.
Financing by EIB supports European Green Deal, the EU’s roadmap towards net-zero emissions by 2050. It emphasizes the strategy of SKF to widen its sources of funding and expand investment in particular areas, including green steel, oil regeneration, and laser cladding.
“Resources of Renewable energy and Electric mobility cannot exist without SSKF’s innovations,”
EIB Vice President, Thomas Östros said.
“This loan shows both our will to successfully implement such projects and to help pursue the green transformation of Europe”.
Focusing on the role of innovations in industrial processes efficiency and reliability, CTO of SKF, Annika Ölme explained the company’s position regarding Do Research and Development.
“Our R&D projects focus on optimizing product parameters during design so that frictional and energy losses are minimized and customers’ sustainable targets are achieved,”
In 2023, Olofsson stated, the company has poured over 3.3 billion Swedish Kronor (c.a. USD 330 million) into R&D seeking to create a state of the art products and services focused on boosting efficiency and aiding in renewable energy development.
This capital enables SKF to reinforce its foothold in the technological sustainability sector of the economy and enables the firm to pursue leverage growth metrics even in the struggles of fostering profits in the ecosystem-degrading modern economies.
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