Gestamp secures financing for new steel processing technology

Spain’s Gestamp has secured a €200 million ($226.9m) loan for its strategic plan to develop new steel processing technologies for the production of vehicle components such as chassis and bodywork, Kallanish learns from the company. Gestamp is a major supplier of components to the global automotive sector.

The funding is provided by the European Investment Bank (EIB) under the European Fund for Strategic Investments (EFSI).

“The project aims to facilitate the design of lighter and safer vehicles. The new components will also boost the development of electric vehicles, helping to cut emissions,” Gestamp says. The EIB funding will enable the company to invest in innovation, research and development in its factories in Spain, Germany, France and Sweden. The project will be implemented over a period of four years and will help to safeguard highly skilled jobs.

“Investing in innovation has to be one of the key components of fostering economic recovery in the wake of the coronavirus crisis. This agreement will boost the development of electric cars and lighter and less polluting vehicles. Financing clean technologies is one of the EIB’s priorities in facilitating the transition to a new low-carbon economic model,” EIB`s Vice-president Emma Navarro comments.

This loan represents a show of confidence in Gestamp’s project, and it will strengthen the Group’s financing means so that it can continue contributing to the development of the mobility of the future, she adds.