EIB finances development of QEV electric mobility solutions
European Investment Bank is providing EUR17m in quasi-equity financing to QEV Technologies to support its R&D activities.
The company is developing electric drive systems for small urban transport vehicles, e-vehicles, fast charging systems and electric racing technologies.
The project is supported by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.
QEV is a Spanish technology and engineering company which develops and manufactures parts for electric vehicles, ranging from Formula-E to electric kits (e-kits) for the conversion of minibuses or for the production of new ones.
The knowledge gained from the racing sector has enabled QEV to become the technology partner for several car manufacturers developing fully electric cars, such as Spanish company, Hispano Suiza.
The EIB investment will also promote new jobs. QEV's total headcount is expected to grow from 100 employees to 250 by 2023, including around 215 involved in R&D and engineering activities.
The EIB backing will enable QEV to step up its activities focused on developing cleaner and more sustainable mobility solutions to help combat climate change.
The company will also continue developing e-kits for the electrification of public transport vehicles in Asia, Latin America and Africa.