November 22 (Renewables Now) - Greek battery producer Sunflight, a member of Olympia Group, has received a EUR-12.5-million (USD 14.3m) loan from the European Investment Bank (EIB).
Sunlight is engaged in the development, production and recycling of batteries for various applications, including off-grid renewable energy systems and smart grids. The company exports more than 98% of its production to over 100 countries. It plans to use the seven-year loan from EIB to strengthen the development of a new generation of batteries and to step up innovation. In addition to beefing up research and development (R&D) activities at Sunflight’s lead-acid battery plant in Xanthi, the funding will also increase the working capital inventory of the company, EIB said in a statement.
This is the first support for industrial investment in the country under a new EIB lending initiative backed by the European Fund for Strategic Investments (EFSI), according to the announcement.
(EUR 1.0 = USD 1.14)