The European Investment Bank (EIB) is providing a €50 million ($59 million) loan to AVL List GmbH, an Austrian company specializing in the development of innovative powertrain systems for global automotive and transport industries.
AVL will use the funds to support its in-house research for the development of electric powertrains, fuel cell systems and automated vehicles, as well as to develop related measuring and testing systems and simulation technologies, according to Yorck Schmidt, CFO of AVL.
“Electric powertrains are one way to reach zero-emission mobility, and mobility is key when it comes to reaching the European climate targets,” said Andrew McDowell, vice president at EIB, responsible for activities in Austria.
The funding follows on the heels of a €70 million ($82 million) loan signed in December 2017 to support AVL’s electric drive–related activities, including selected R&D projects for hybrid and fully electric powertrains, as well
