EIB lends €32 million to Carraro to support decarbonisation of the agricultural sector
20 December 2022
- The EU bank and Carraro Group join forces to promote electrification of agricultural machinery and power transmission systems for tractors and other off-highway applications
- This is the second operation signed between the EIB and Carraro Group, totalling €82 million
- This EIB financing is supported by a guarantee from the European Fund for Strategic Investments (EFSI) — the main pillar of the Investment Plan for Europe
The European Investment Bank (EIB) and Carraro Finance, the Carraro Group’s financial and treasury arm, have signed a €32 million finance contract to support the Group’s R&D projects during the period 2023-2026. This is the second operation signed between the EIB and Carraro Group, the world leader in transmission systems for off-highway vehicles and specialised tractors, totalling €82 million.
“The agricultural sector, like the earthmoving machinery sector, is undergoing significant changes. In this context, expertise and investment in research must be provided systemically, said Chairman of the Carraro Group Enrico Carraro. In terms of innovation, this entails the integration of mechanics, electronics and electrification. Thanks to the successful combination of these three technologies, we will be able to develop low-impact solutions that can significantly improve the efficiency and productivity of the machinery in which they will be applied, while reducing consumption and emissions. This agreement with the EIB gives us particular satisfaction as it recognises our commitment to innovation and will give us the opportunity to accelerate investment in R&D to benefit the ecological transition.
Here is the link to the press release issued by Carraro Finance > https://www.carrarofinance.lu/en/post/eib-lends-32-million-carraro-support-decarbonisation-agricultural-sector