EIB SUPPORTS SUSTAINABLE BATTERY DEVELOPMENT AT WEBASTO

Webasto receives a EUR 100 million loan from the European Investment Bank (EIB) to develop traction batteries for electric vehicles. The EIB is thereby funding research and development expenditure for the key battery systems field of business at the top 100 automotive supplier.

The EIB’s Green Loan supports Webasto’s efforts to further advance climate-neutral mobility for the future. Projects that attract green financing must contribute to cutting CO2 emissions, improving supply security and combating climate change. Moreover, they must prove they are doing so on a continuous basis.

Despite more challenging economic conditions, Webasto recently considerably expanded its electromobility solutions business. Sales in this segment doubled to 155 million euros in 2021 compared to the previous year. In the battery segment, the company recorded multiple large-volume orders in recent months, including from German passenger car manufacturers. Webasto also offers battery systems for commercial vehicles. The battery packs are manufactured at the German site in Schierling, among other places. Furthermore, the Testing and Prototyping Center is located in Hengersberg.

The EIB's Green Loan is an important component of the Webasto Group's financing strategy, which also includes the recently completed full refinancing of existing credit lines and further diversification of financing instruments. Arne Kolfenbach, CFO of Webasto SE: "With the successful conclusion of the Green Loan as well as the refinancing and expansion of our credit lines, we are enlarging the circle of our financing partners and securing the necessary financial leeway to be able to solidly implement our business strategy in the years to come."

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