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EIB extends €200 m to Electrolux for green-focused RDI activities
The European Investment Bank (EIB) is lending €200 million to Sweden-based Electrolux Group, a leading manufacturer of household appliances, to forge a range of more environmentally friendly consumer goods.
Electrolux Group will use the EIB credit for green-focused research, development and innovation (RDI) activities in Italy, Sweden, Germany, Poland, and Romania.
The financing will enable Electrolux Group to develop advanced appliances for food preparation, food preservation, fabric care, and dish care, while also enhancing digital technologies across all product platforms. This support will back the Group’s pioneering research aimed at improving performance, user-friendliness, and user experience, as well as reducing energy consumption and resource use for a variety of household goods.
The RDI is due to be completed by 2026, with most of the work carried out at Electrolux Group facilities in the northeastern Italian province of Pordenone. The EIB loan is backed by the InvestEU, the program of the European Union that aims to mobilize over €372 billion of extra investments by 2027.
“This agreement highlights our commitment to fostering innovation and sustainability in Europe’s leading industries,” said EIB Vice-President Gelsomina Vigliotti. “Reducing energy consumption and enhancing the sustainability of home appliances are crucial steps towards a greener future.”
“Electrolux has a long history of being a leader in the household appliance industry, based on innovation, sustainability and quality,” said EIB Vice-President Thomas Östros. “Through this loan, we continue to support Electrolux in driving the green transition, strengthening Europe’s competitiveness, and contributing to a more sustainable future for both businesses and consumers.”
Household-appliance research, innovation and digitalization are crucial for sustainability because use of such goods accounts for around 85% of their total carbon-dioxide lifecycle emissions.
“The support Electrolux Group receives from EIB is important in our work to achieving our second science-based climate target, which was approved by the Science-Based Targets initiative after we had achieved the first target three years ahead of time. Our focus the coming years will be to accelerate synergies between technology and sustainability to develop smarter and more resource efficient products to help consumers live more sustainably,” said Elena Breda, Chief Technology and Sustainability Officer, Electrolux Group.
The new EIB loan is the fifth financial operation between the EIB and Electrolux Group, extending a relationship that dates to 1989.
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