Denmark-based Demant A/S, a company that covers all areas of hearing healthcare, announced on Friday, November 4, that it has received a loan of €115M from The European Investment Bank (EIB).
Demant says that the funds will be used in the R&D of high-tech, innovative hearing products, assisting people with hearing issues worldwide. The aim is to relieve challenges associated with living with hearing loss and resulting in a better quality of life and increased social inclusion. The R&D project will take place in Denmark and Poland.
A global hearing healthcare and audio technology group
Demant claims to be a world-leading hearing healthcare and technology group built on a heritage of care, health and innovation since 1904. The Group offers “innovative” technologies, solutions and know-how to help improve people’s health and hearing.
Demant is active and engaged in every area, including hearing care, hearing aids, and hearing implants, as well as diagnostic tools, services, and audio solutions. The company has 20,000 employees and provides solutions in 130 nations where it is transforming hearing health. The majority of shares of Demant A/S, a blue chip stock listed on Nasdaq Copenhagen, are held by the William Demant Foundation.
An advantage for the EU in the hearing healthcare sector
One of the key players in funding innovation for the European Union is the European Investment Bank. This project with Demant will allow EIB to help people in need of hearing aids to get the technology and treatment that can enhance their lives globally. Additionally, it also gives the European Union a competitive edge in the field of hearing healthcare.
The project’s high-tech hearing aid applications will increase the chances for social inclusion for persons with hearing loss, lower the risk of cognitive decline, and improve people’s capacity to engage in life.
EIB Vice President, Christian Thomsen, responsible for Denmark, says, “It is an important goal for the EIB to lend capital for investments to facilitate full implementation of innovation projects. This is crucial for the economy and jobs, and exactly why the EIB is needed, to support R&D in this dynamic sector of society with financing solutions. I am proud that with our backing, we will contribute to Demant’s continued investments in their R&D activities, which will make a difference for people’s health and quality of life, with access to new, better hearing aids.”
The initiative will also increase the number of jobs in Europe.
Brief about the European Investment Bank
The EU’s long-term financing organisation is called the EIB, and its Member States own it. It is active in 160 countries and is the world’s largest multilateral lender for climate action projects.
It provides long-term financing for sound investments in order to support EU policy objectives. Infrastructure, innovation, climate and environment, and small and medium-sized enterprises are the bank’s four top priority areas for project funding.
The EIB Group has set “ensuring a just transition for all” as one of the four overarching objectives in its Climate Bank Roadmap 2025. The EIB’s ambition is to support €1T of climate action and environmental sustainability investments in the decade to 2030 and align all its new operations with the goals and principles of the Paris Agreement.
