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13.04.2017 10:50
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EIB Grants a 30 Million Euros Financing to EPS
Eurokurs (Symbolbild).
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PR Newswire
PARIS and MILAN, April 13, 2017
PARIS and MILAN, April 13, 2017 /PRNewswire/ --
- The European Investment Bank has signed an equity-linked financing up to EUR 30 million with Electro Power Systems
-The EIB financing is guaranteed under the European Fund for Strategic Investments, the heart of the Investment Plan for Europe, and will support the EPS growth, continuous research, development and innovation activities, and further product commercialization
Electro Power Systems S.A. ("EPS"), technology pioneer in energy storage systems and microgrids listed on the French-regulated market Euronext Paris (EPS:FP), today announces the signature of an equity-linked financing up to €30 million with the European Investment Bank ("EIB"), backed by the European Fund for Strategic Investments ("EFSI ").
The EFSI-backed financing will support the company in its growth, continuous research, development and innovation ("RDI") activities and further product commercialization, as EPS operates in the sustainable energy sector, specializing in hybrid-storage solutions and micro-grids that enable intermittent renewable sources to be transformed into a stable power source.
In particular, investments in RDI will be devoted to:
- hybrid energy storage solutions to stabilize electrical grids heavily penetrated by renewable sources in developed countries; and
- off-grid power generation solutions in emerging economies, to power off-grid areas at a lower cost than fossil fuels without the need for any subsidy or incentive scheme.
Dario Scannapieco, EIB Vice-president responsible for Italy and equity and equity-type products, commented: "This loan to EPS Italy allows to the EIB to broaden the range of financial instruments available to companies of any size in order to support their investment plans. In details, with this new quasi-equity financing for the first time applied in Italy, the bank of the European Union is able to take more risk for a more value added with medium-size and small corporates in the energy sector."
For full PR please visit http://www.electropowersystems.com/all-press-releases/
For more information, visit http://www.electropowersystems.com.
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