Sweden. SKF AB
|Date of agreement:||11 Oct 2012|
|Amount in EUR:||EUR 100 million|
|NACE sector / loan type:||Research and development|
This loan contributes to climate change mitigation: 100%
Financing from NIB Environmental Bond proceeds
NEB-eligible share: 25%
NEB category: Energy efficiency
Amount disbursed: EUR 25 million
Note: For loans in other currencies than EUR, the equivalent in EUR is based on the exchange rate effective for the disbursement. Read more about the NIB Environmental Bonds
The seven-year-maturity loan totalling EUR 100 million will help fund SKF’s R&D in further reducing friction and wear in its bearings. Since bearings are used in most equipment with moving parts, even small decreases in friction have the potential to generate large energy savings globally. SKF’s Dutch and Swedish R&D units will collaborate with the Chalmers and Luleå universities of technology in Sweden, and with the Imperial College and the University of Cambridge in the U.K. The research and development program will run from 2012 until 2015. The loan from NIB has a maturity of seven years.
SKF was founded in 1907 and is one of the global leaders in the market for bearings and lubrication systems.
Fulfilment of NIB's mandate
R&D activities conducted in the company and in collaboration with universities in Sweden and in the U.K. contribute to skills development in the economy. Since these skills are not company specific, the project increases the likelihood of positive spill-over effects to other companies in NIB’s member area through skills transfer.
SKF’s investments in R&D activities are expected to have positive, mainly indirect, environmental impacts in terms of increased energy efficiency and reduced energy losses.