Image: AstaZero AB
21 Dec 2021
NIB continues to finance vehicle safety testing site in Sweden
NIB and the Swedish road- and vehicle safety company AstaZero AB have signed a 10-year maturity loan totalling SEK 50 million (EUR 4.9 million) to finance investments in AstaZero’s testing site in Borås, Sweden.
AstaZero is the world’s first full-scale independent test and demonstration environment for automated transportation systems. The site is open to car manufacturers, suppliers, regulators, road authorities and universities for product development and research in advanced traffic safety and sustainable automation solutions.
The loan provides financing for investments in the continuous development of AstaZero’s testing site, supporting the research activities of the rapidly developing automotive and traffic infrastructure sector in Sweden.
The main development trends in the automotive sector consist of electrification, connectivity and an increase of autonomous safety and driving systems. With the development cycles of the automotive industry constantly decreasing over time, the testing sites need to be able to serve the industry’s increasing need for accessibility to test environments.
“The research conducted at the AstaZero site will play a key role in the transition of the automotive industry, accelerating the development of the entire sector. By providing the latest testing facilities and simulation tools, AstaZero can better serve the needs of emerging technologies and help make vehicles safer and smarter,” says André Küüsvek, President and CEO of the Nordic Investment Bank.
This is the second loan agreement between NIB and AstaZero. NIB gave a loan of SEK 260 million to AstaZero in 2016 for the financing of the investments into the testing site in Sandhult, Sweden.
AstaZero is owned by the Chalmers University of Technology and the state research institute Rise, and here research is also conducted by various universities and institutes. The focus of the research conducted at AstaZero comprises active safety technology, loss prevention solutions and the development of intelligent vehicles and traffic systems. The company is headquartered in Gothenburg, Sweden.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
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