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European Union

EIB Provides €30 Million Financing to OLEDWorks for Automotive Lighting

Strategic Insights

— 2 min read

The European Investment Bank has granted financing of €30 million to OLEDWorks, a provider of innovative lighting solutions for the automotive industry, microdisplays, and other specialty lighting applications. The loan aims to support the company's expansion and product development within the European Union, with a primary focus on automotive clients. OLEDWorks specialises in designing and developing lighting solutions based on organic light-emitting diodes (OLEDs), offering a combination of high brightness, energy efficiency, and durability.

Key Takeaways:

  • The EIB has granted financing of €30 million to OLEDWorks, a provider of innovative lighting solutions for the automotive industry, microdisplays, and other specialty lighting applications.
  • The loan aims to support OLEDWorks' expansion and product development within the European Union, with a primary focus on automotive clients.
  • OLEDWorks' technology offers a combination of high brightness, energy efficiency, and durability, making it a leader in multi-stack OLED technology.
  • The financing provided by the EIB will enable OLEDWorks to strengthen its position as a world leader in multi-stack OLED technology and expand its portfolio of automotive customers.
  • The company has developed an innovative application for OLED panels in the automotive sector, which represents a first-of-its-kind use case at scale.
  • The financing will help to keep key manufacturing sectors and innovation in Europe, as the lighting industry has largely been delocalised to Asia in recent decades.
  • The project falls under the InvestEU-supported Future Tech programme loan, which addresses funding gaps and provides adequate risk capital to venture-backed companies in the EU.
  • The EIB support is expected to facilitate OLEDWorks' growth plans and enable the hiring of some 45 new employees over the next three to four years.
  • Since its establishment in 2016, the EIB's innovation financing team has addressed the unique funding needs of over 300 fast-growing companies, investing €7 billion in the process.

Statistics:

  • €30 million in financing provided by the EIB to OLEDWorks
  • €372 billion in additional investment mobilised by the EU budget guarantee of €26.2 billion under the InvestEU programme
  • €7 billion invested by the EIB's innovation financing team in over 300 fast-growing companies since 2016
  • 45 new employees expected to be hired by OLEDWorks over the next three to four years
  • The loan is backed by the European Commission's InvestEU programme, which aims to promote sustainable investment, innovation, and job creation in Europe

Sources:

  • The European Investment Bank (EIB)
  • OLEDWorks
  • European Commission's InvestEU programme
  • Contify.com (MIL OSI Europe News)

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