Paris-based cloud company OVHcloud bags €200M EIB loan: Know more

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Paris-based OVHcloud, a company that offers web, dedicated, and cloud hosting solutions, announced on Friday, November 25, that it has received a €200M loan from The European Investment Bank (EIB).

This €200M credit facility is a commitment in line with the EU’s priorities for strategic autonomy in the field of new technologies.

EIB Vice-President, Ambroise Fayolle, says, “The cloud is the essential building block for the digitalisation of all aspects of our economic and social lives. By contributing to the financing of the most innovative players in Europe, the EIB is fully in line with European policy priorities: increasing our competitiveness and fostering our technological sovereignty. This €200M loan to the European leader in the sector is a significant demonstration of Europe’s commitment to placing our digital expertise at the service of our strategic autonomy.”

Expansion in Europe

OVHcloud says it will use the funds to support its expansion in Europe, where it is positioning itself as the champion of an open, reversible, transparent and federated cloud ecosystem while promoting the full and complete sovereignty of users over their data.

The French company plans to accelerate its international deployment with the opening of 15 additional data centres by the end of 2024, target new markets, and expand into new regions, while also showcasing its achievements in sustainable growth. In the coming 24 months, 10 of these 15 additional locations will open in Europe.

Michel Paulin, CEO of OVHcloud, says, “Whether in software or hardware, innovation is at the heart of our company’s DNA and guides each and every one of our actions in a sustainable, open and transparent approach. This additional financial capacity provided by the EIB contributes to our Group’s strategic roadmap and will enable us to promote a cloud that respects our European values faster, higher and stronger.”

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What is OVHcloud?

Founded in 1999, OVHcloud claims to be the leading European cloud provider. The company operates over 450,000 servers within 33 data centres across four continents to reach 1.6 million customers.

For more than 20 years, the company has been utilising an integrated model that ensures total control over its value chain, from the design of its servers to the construction and management of its data centres, including the orchestration of its fibre-optic network. 

With this distinct strategy, OVHcloud says it is able to independently address all of the needs of its clients, allowing them to take advantage of an ecologically friendly model with a sparing use of resources and a carbon footprint achieving the best ratios in the sector.

In the past 12 months, OVHcloud has increased the range of IaaS and PaaS solutions it offers. The company aims to further its technical capabilities in the fields of artificial intelligence, databases, security mechanisms, and high-intensity calculations.

About the European investment bank

The EIB is the European Union’s credit institution for long-term loans. It is active in 160 countries and is the world’s largest multilateral lender for climate action projects.

Since the member nations own the majority of the bank’s shares, with the Netherlands holding just over 5 per cent, the bank is able to obtain highly attractive interest rates on capital market borrowings.

For instance, EIB 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 provided nearly €2B in funding last year for initiatives in the Netherlands, healthcare, SMEs, and energy conservation.

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Vishal Singh

Vishal Singh is a News Reporter and Social Media Marketing Lead at Silicon Canals. He covers developments in the European startup ecosystem and oversees the publication's social media presence. Before joining Silicon Canals, Vishal gained experience at the Indian digital media outlet Inc42, contributing to its growth with insightful content. Despite being a college dropout, his passion for writing has driven his career in journalism.

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