Juncker Plan backs Spanish electric vehicles developer

The move will see the EIB supporting QEV Technologies with €17m

Photo: EPA European Commissioner for Research, Science and Innovation, Carlos Moedas (R) at Web Summit in Lisbon, Portugal.

The European Investment Bank (EIB) would provide €17m in financing to QEV Technologies to support its research and development (R&D) activities. The Spanish technology and engineering company develops electric drive systems for small urban transport vehicles, electric vehicles, fast charging systems and electric racing technologies.

The EIB financing, announced at the Web Summit in Lisbon, is backed by the Juncker Plan's European Fund for Strategic Investments. Thanks to this financial support, QEV will employ an additional 100 employees bringing its total headcount to 250 by 2023, including around 215 involved in R&D and engineering activities.

“The deal signed at the Web Summit is another example of the Juncker Plan's strong and continual support for research, development and innovation in Europe," Commissioner Carlos Moedas, responsible for Research, Science and Innovation, said.

As of October 2019, the Juncker Plan had already mobilised €439.4bn of investment across the EU, including €49.1bn in Spain, and supported more than one million start-ups and small and medium businesses. Juncker Plan-backed investments have increased EU gross domestic product by 0.9% and added 1.1 million jobs compared to the baseline scenario.

By 2022, the Juncker Plan will have increased EU GDP by 1.8% and added 1.7 million jobs. 

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