Borealis secures EIB loan for financing innovation in advanced polymersBorealis secures EIB loan for financing innovation in advanced polymers
Vienna-based polyolefins supplier Borealis has signed a loan contract with the European Investment Bank (EIB) worth €150m to support the multi-annual company's research and development (R&D) program in the field of plastic raw materials. With this loan, the EU bank is helping to finance product innovation in the area of advanced polymers at the company's innovation headquarters in Austria and its innovation centers in Finland and Sweden. The funds will be also used to finance the firm's vocational training program, said Borealis.
February 11, 2014
Borealis is receiving this loan under a Risk-Sharing Finance Facility, an innovative instrument for sharing credit risks developed jointly by the EIB and the European Commission designed to enable the funding of higher-risk, but potentially also higher-reward innovative, demonstration and R&D projects undertaken by research-intensive companies and organizations. The RSFF involves loans that bear interest and must be repaid - it is a debt-based instrument with no elements of grant or subsidy, available to public and private sector promoters of any size and ownership from the EU Member States that are seeking funding for RDI activities. The financing of R&D is one of the EIB's top priorities. In the past year alone, its total lending in this area amounted to EUR 15.6 billion.
Borealis' CFO Daniel Shook, Borealis said the "cooperation" represented a "milestone in its investment in research and development in Europe. "We are delighted to secure the EIB as a first-class partner for the financing of Borealis' innovation centers in Austria, Finland and Sweden."
Wilhelm Molterer, the EIB's vice president responsible for lending operations in Austria, said: "Borealis demonstrates how well corporate research activities and the training of young people go hand-in-hand. An economically strong and competitive Europe needs both: innovative industries and a well-trained labor force. Here Borealis is making a major contribution, which the bank is pleased to support with its loan."
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