SKF announced it has raised €430 million in funding from the European Investment Bank (EIB) with a tenor of up to ten years. The funding will support SKF’s research and development (R&D) to increase its focus on high-growth segments and accelerate the design and development of enabling technologies, particularly for the green transition and sustainability.
As the European Union’s (EU) climate bank, the EIB funding supports the European Green Deal, the EU’s plan to become net zero by 2050. This financing forms an important part of SKF’s overall funding strategy, further helping to complement and diversify the group’s funding sources.
Innovation and technology development have been at the core of SKF. This includes designing, developing, and commercializing technologies that support the group’s strategy to drive profitable growth. Last year, SKF spent SEK 3.3 billion in R&D, resulting in a robust product and services pipeline that brings customer value and drives profitable growth.
KEY QUOTES:
“Our strategy aims to deliver substantial customer value in targeted markets through sustained innovation, increased efficiency, and agility. With the support of long-term financing from the EIB, we continue to invest in creating intelligent and sustainable solutions supporting the transition to a more sustainable world.”
– Rickard Gustafson, President and CEO at SKF
“This loan underscores our commitment to supporting innovation for a greener future. As a driver of technological progress for over a century, SKF conducts advanced research in bearing and seal technologies that is crucial for renewable energy and electric mobility, aligning with our shared vision for a sustainable Europe.”
– Thomas Östros, EIB Vice-President
“The EIB financing will enhance our ongoing R&D initiatives in crucial technological areas, such as green steel and rotation, connectivity, oil regeneration, and laser cladding. Through technology and innovation, we make our products more reliable, sustainable and efficient, and continue to provide solutions that help customers minimize friction and energy waste in their operations, contributing to the needed sustainability transformation.”
– Annika Ölme, CTO and Senior Vice President, Technology Development, at SKF
