© melpomenem dreamstime.com Electronics Production | November 02, 2018
European Investment Bank approves €10M financing financing
The European Investment Bank (EIB) has approved EUR 10 million long-term quasi equity financing facility in support of AS HansaMatrix group’s planned investments, which total EUR 20 million EUR in the years 2018-2020.
The company is currently in negotiations with the European Investment Bank and a final agreement is subject to approvals being obtained by both parties as well as successful legal due diligence and financial negotiations, a press release reads. The investments are aimed at supporting the company's ongoing growth strategy, which is based on the expansion of its manufacturing capacities, as well as activities in research, development and innovation to optimise and complement the current range of service offerings. All investments will be located in Latvia, at the company's existing sites near Riga, Pārogre and Ventspils. The EIB funding would mainly be dedicated to the co-financing of product R&D activities as well as the development of IT systems, robotics application capabilities in manufacturing, and an increase of the manufacturing capacity in the company’s Pārogre and Ventspils manufacturing facilities, all contributing to growing the business. The investment program includes investment in R&D and manufacturing equipment for further development and commercialisation of volumetric 3D image technology owned by AS HansaMatrix’ associated company SIA Lightspace technologies. The investment project is expected to contribute to the further development of Latvian industrial sector and the creation of skilled jobs.