Sandvik gets €500M from European Investment Bank for new, smart EVs

The mining equipment experts at Sandvik have been developing next-generation electric equipment options for years – largely on their own. Now, with a €500 million capital injection from the EIB, the company is ready to get serious about its next-generation machinery.

The European Investment Bank (EIB) is the lending arm of the European Union (EU), and its core mission is to strengthen the global competitiveness, technological innovations, and sustainability initiatives of European companies like Sandvik by providing affordable financing for R&D projects conducted on the continent.

“We have a strong strategic focus on developing solutions that strengthen our technology leadership, and that enhances productivity, safety and sustainability for our customers,” explains Stefan Widing, President and CEO of Sandvik. “The EIB financing supports our R&D initiatives and provides flexibility to our overall funding strategy.”

The €500 million loan has a seven-year term, and will support Sandvik’s efforts to develop new advanced, productive, safe, and (above all) sustainable heavy equipment solutions across the company’s business lines.

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Electrek’s Take

We’ve covered Sandvik’s electric equipment several times over the years, from their surface drill rigs to their underground loaders to their quarry- and concrete-focused electric cone plants, and the brand’s commitment to sustainability and operator safety has been commendable. Even the company’s push towards automation and AI, often seen as a corporate tactic to slash labor costs and boost stock prices before the executives bail out with a fat stack of cash fulfill their exit strategies, seems to be genuinely motivated by worker safety in one of the world’s most dangerous environments.

Of course, I said that about Volvo and they’re actively suing California to be able to sell more diesels as aI type this, so what do I know?

SOURCE | IMAGES: Sandvik.

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