July 18, 2016

EIB to invest EUR 60 million in five Finnish companies

With EIB’s help, Enevo will invest in sensor technology and cloud-based operations management platform for the waste and recycling industry.
With EIB’s help, Enevo will invest in sensor technology and cloud-based operations management platform for the waste and recycling industry.
Enevo

The European Investment Bank (EIB) will invest in five Finnish companies. Loans totaling 60.5 million euros for innovation in different fields were signed in Pori, Finland, in the margins of the Suomi Areena event.

The investments include for example 15 million euros in waste management smart sensor provider Enevo. Currently, Enevo’s waste management optimisation systems are used in 60 cities around the world. Rotterdam in the Netherlands is one of the latest major cities to boost its waste collection efficiency with Enevo’s IoT solution.

The 10 million-euro investment in Finnish renewable energy startup AW-Energy was published earlier this month.

In addition to Enevo and AW-Energy, manufacturer of transparent conductive films Canatu, software company Frosmo and biotechnology company Mobidiag all receive EIB investments from 8,5 million to 15 million euros.

“Finland has long been one of the innovation leaders in the EU and the EIB is proud to continue its support for Finnish industries,” says EIB vice president Jan Vapaavuori, responsible for the operations in the Nordic countries.

The investments will be made under Innovfin, which is a range of EIB Group products designed to facilitate access to finance for innovative businesses. InnovFin products are backed financially by the European Union under Horizon 2020 Financial Instruments.

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