© QEV Technologies Electronics Production | November 08, 2019
QEV Technologies gets € 17 million from EIB
The E-mobility and R&D specialist, QEV Technologies, will receive EUR 17 million funding from the European Investment Bank (EIB) for a variety of low carbon transportation projects.
The Spanish technology and engineering company develops and manufactures electric drive components for Formula-E race cars, and electric drivetrain assemblies (‘e-kits’) for minibuses. The funding from the EIB will boost the company’s development of electric powertrains for small urban transport vehicles, electric racing technologies, fast charging systems, and electric vehicles (EVs). In a press release the company says that it will use the funds to grow its operations by developing and accelerating its R&D and production of electric drive technologies. The company will also supply ‘e-kits’ to enable the electrification of public transport vehicles – both in the production of new models and the conversion of those already in service – in Asia, Latin America and Africa. The EIB funding will also help QEV to grow its total headcount from 100 employees to some 250 by 2023, of which more than 200 will be involved in R&D and engineering activities.