#SKF #European Investment Bank #Sustainability #Sweden #Gothenburg

SKF Secures Significant Financing for Sustainable Technologies

Gothenburg, Sweden — In a pivotal step towards sustainability, SKF, a renowned player in bearing and sealing technologies, has secured a substantial financing amounting to EUR 430 million from the European Investment Bank (EIB). This funding, which spans a term of up to ten years, aims to boost SKF’s research and development (R&D) efforts focused on advancing high-growth sectors and accelerating the creation of environmentally friendly technologies.

SKF's Vision for Sustainable Growth

Rickard Gustafson, President and CEO of SKF, highlighted how this financing aligns with the company's strategy to provide significant customer value through ongoing innovation and greater operational efficiency. 'With the support of long-term financing from the EIB, we are dedicated to investing in smart, sustainable solutions that facilitate the shift towards a greener world,' he noted.

The EIB's backing is crucial in supporting the European Green Deal, an ambitious EU initiative aiming for net-zero emissions by 2050. This financial support plays an essential role not just in SKF's funding strategy but also in diversifying and complementing its funding sources, ensuring stability for future projects.

Commitment to Innovation

Thomas Östros, EIB Vice-President, emphasized the bank’s commitment to fostering innovations that contribute to a sustainable future. He remarked, 'As a historical leader in technological advancements for over a century, SKF’s research on bearing and seal technologies is vital for the renewable energy sector and electric mobility, which is in line with our common vision for a sustainable Europe.'

SKF has made significant strides in technology development, focusing on the creation and commercialization of innovative solutions that drive profitable growth. In 2023 alone, SKF invested SEK 3.3 billion into its R&D programs, yielding a robust pipeline of new products and services that deliver substantial value to customers.

Annika Ölme, CTO and Senior Vice President of Technology Development at SKF, elaborated on how the EIB financing will enhance ongoing R&D initiatives in areas critical for sustainability transformation. 'This funding will further our exploration into technologies like green steel, connectivity, oil regeneration, and laser cladding. Our goal is to develop solutions that not only optimize performance but also help our customers mitigate friction and energy waste—paving the way for necessary sustainability transformations,' she stated.

Looking Forward

The focus on sustainable technologies is imperative for SKF as they navigate the evolving landscape of manufacturing and energy solutions. With significant investments directed toward innovative and sustainable R&D, SKF is poised to lead in efficiency and sustainability, playing a crucial role in the transition towards a greener planet.

As they continue to push the envelope in technology, SKF’s actions signal a robust commitment to sustainability, not only for their own operations but also for the broader industrial landscape they serve. In a world increasingly focused on environmental responsibility, SKF's advancements in green technologies will be essential in fostering a more sustainable future.