Electrolux Group has signed a €200 million loan with the European Investment Bank (EIB) to support research, development and innovation (RDI) on more energy-efficient household appliances.
The financing will enable Electrolux Group to develop advanced appliances for food preparation, food preservation, fabric care, and dish care, while also enhancing digital technologies across all product platforms. This support will back the Group’s research into improving the performance, user-friendliness and user experience of a variety of household goods, as well as identifying opportunities to reduce their energy consumption and resource use.
Household-appliance research, innovation and digitalization are crucial for sustainability because use of such goods accounts for around 85% of their total carbon-dioxide lifecycle emissions.
“The support Electrolux Group receives from EIB is important in our work to achieving our second science-based climate target, which was approved by the Science-Based Targets initiative after we had achieved the first target three years ahead of time. Our focus in the coming years will be to accelerate synergies between technology and sustainability to explore opportunities to improve product performance and resource efficiency, with the aim of supporting consumers in making more informed choices,” says Elena Breda, Chief Technology and Sustainability Officer, Electrolux Group.
The EIB loan is backed by the InvestEU, the programme of the European Union that aims to mobilize over €372 billion of extra investments by 2027.
The new EIB loan is the fifth financial operation between the EIB and Electrolux Group, extending a relationship which dates back to 1989.
