SKF secures EUR 430 million financing for R&D of sustainable technologies

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GOTHENBURG, Sweden, Nov. 22, 2024 /PRNewswire/ -- SKF has secured EUR 430 million financing from the European Investment Bank (EIB) with a tenor of up to ten years. The financing will support SKF's research and development (R&D) to increase the focus on high-growth segments and accelerate the design and development of enabling technologies particularly for the green transition and sustainability.

"Our strategy aims to deliver substantial customer value in targeted markets through sustained innovation, increased efficiency, and agility. With the support of long-term financing from the EIB, we continue to invest in creating intelligent and sustainable solutions supporting the transition to a more sustainable world," says Rickard Gustafson, President and CEO at SKF.

As the climate bank of the European Union (EU), the EIB financing supports the European Green Deal, EU's plan to become net zero by 2050. This financing forms an important part of SKF's overall funding strategy, further helping to complement and diversify the Group's funding sources.

"This loan underscores our commitment to supporting innovation for a greener future. As a driver of technological progress for over a century, SKF conducts advanced research in bearing and seal technologies that is crucial for renewable energy and electric mobility, aligning with our shared vision for a sustainable Europe," says Thomas Östros, EIB Vice-President.

Innovation and technology development are at the core at SKF. This includes designing, developing and commercializing technologies that support the Group's strategy to drive profitable growth. In 2023, SKF spent SEK 3.3 billion in R&D, resulting in a strong product and services pipeline, bringing significant customer value and driving profitable growth.

"The EIB financing will enhance our ongoing R&D initiatives in crucial technological areas, such as green steel and rotation, connectivity, oil regeneration, and laser cladding. Through technology and innovation, we make our products more reliable, sustainable and efficient, and continue to provide solutions that help customers minimize friction and energy waste in their operations, contributing to the needed sustainability transformation," says Annika Ölme, CTO and Senior Vice President, Technology Development, at SKF.

Aktiebolaget SKF 
      (publ) 

For further information, please contact:
PRESS: Carl Bjernstam, Head of Media Relations
tel: 46 31-337 2517; mobile: 46 722-201 893; e-mail: [email protected]
INVESTOR RELATIONS: Sophie Arnius, Head of Investor Relations
tel: 46 31-337 8072; mobile: 46 705-908 072; e-mail: [email protected]

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SOURCE SKF