The PUNCH Group and the European Investment Bank (EIB) have agreed to a financing agreement worth €40 million to support the RDI activities of the business.
The majority of the investments will be made at the company’s headquarters in Turin, Italy, with a smaller amount also being made in Strasbourg (France).
The funding from the EU bank, which is supported by a guarantee from the European Fund for Strategic Investments (EFSI), the cornerstone of the Investment Plan for Europe, will allow the PUNCH Group to develop technologies for hydrogen engines and related energy storage systems (fuel cells) for the automotive, commercial, and industrial vehicle sectors. These efforts are intended to promote sustainable mobility and the adoption of cutting-edge technologies throughout Europe.
This operation supports the decarbonization of the automotive, commercial, and industrial vehicle sectors as well as the adoption of green technologies based on hydrogen and electrification, which is in accordance with the Paris Agreement and the Bank’s transport sector financing policy.