The European Investment Bank (EIB) announced on Wednesday, January 18, that it has granted €40M finance contract to Punch Group, a Belgian mid-cap that develops propulsion and control systems for hybrid and electric vehicles.
Punch Group says the investment will be spent largely at the company’s main plants in Turin (Italy) and, to a lesser extent, in Strasbourg (France).
The capital will be used to develop hydrogen and electric propulsion technologies and related energy storage systems (fuel cells) for the automotive, commercial and industrial vehicle sectors.
The funding from the EIB is supported by the European Fund for Strategic Investments (EFSI).
European Commissioner for Economy, Paolo Gentiloni, says, “Investing in technologies that promote sustainable mobility is key to reaching our climate objectives. So it is great news that the EIB, backed by the Investment Plan for Europe, will provide this financing for the development of technologies for hydrogen engines for commercial and industrial vehicles in Italy and France. This will create jobs and support the development of innovative green technologies for the benefit of all Europeans.”
PUNCH: What you need to know
Founded in 2005, PUNCH is an independent supplier for developing, integrating, and producing competitive transmission and engine solutions.
PUNCH Torino is the company’s main facility for developing innovative propulsion systems and control solutions. PUNCH’s range includes transmissions (PUNCH Powerglide) and kinetic energy recovery and storage systems (PUNCH Flybrid). It has 1,750 employees in seven locations in Europe and Asia, and has an annual turnover of over €600M.
“The EIB’s support will be a key factor in implementing our vision of sustainable mobility for all. We wish to expand our technological expertise in the field of electric and hydrogen propulsion, and we believe in the huge potential of hydrogen engines, especially for heavier or commercial vehicles, off-road vehicles, and the marine sector,” says Guido Dumarey, owner, founder, and CEO of the PUNCH Group.
EIB: What you need to know
The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. The Bank finances projects in four priority areas: infrastructure, innovation, climate and environment, and small and medium-sized enterprises (SMEs).
EIB Vice-President, Gelsomina Vigliotti, says, “Operations like this one with the PUNCH Group are key to promoting the decarbonisation of the automotive, industrial and commercial vehicle sectors through the development of innovative solutions such as hydrogen, fuel-cell, and electric engines. As the EU climate bank, the EIB plays an important role in transforming mobility and moving it towards a low-carbon future.”
