Brussels, 13/01/2012 (Agence Europe) - On Thursday 12 January, the European Investment Bank (EIB) granted a €180 million loan to Renault Group in order to contribute to research and development for a new generation of batteries and motors for electric vehicles.
Funding will be deployed in France to develop future generations of motors for electric vehicles, thus helping to develop extensive expertise in products and processes for lithium-ion batteries and engine technologies for electric power-trains. The main objective is to make electric vehicles more competitive and ultimately speed up the development of a mass market. Lowering consumption of CO2 emissions and other harmful pollutants is also at the heart of this research programme, with a potential annual reduction of more than 150,000 tonnes of CO2 compared to vehicles fitted with conventional engines.
EIB Vice-President Philippe de Fontaine Vive, speaking at the signing ceremony for the agreement at the Renault Group's headquarters in Boulogne-Billancourt (France), said: “We support leading-edge technologies since they shape the future in terms of sustainable development and competitiveness.” (OL/transl.jl)