#SKF #Sustainability #Sweden #Gothenburg #EIB

SKF Secures Significant Financing for Sustainable R&D

SKF, a renowned leader in bearings and sealing solutions, has recently been awarded a substantial financing amounting to EUR 430 million from the European Investment Bank (EIB). This funding, which has a tenor of up to ten years, aims to support SKF's commitment to innovative research and development (R&D) focused particularly on sustainable technologies.

In statements made by Rickard Gustafson, President and CEO of SKF, the financing is considered crucial for driving customer value in targeted markets by enhancing innovation, efficiency, and agility. He emphasizes that this financial support allows SKF to concentrate on creating intelligent and sustainable solutions, playing a vital role in the transition towards a more sustainable world.

As the European Union's climate bank, the EIB financing aligns with the European Green Deal, which aims for the EU to become net zero by 2050. SKF views this financing as part of a broader funding strategy that diversifies its financial resources while enhancing the company's R&D initiatives in significant technological areas.

Thomas Östros, EIB Vice-President, highlights the importance of innovation in achieving a greener future. He remarks that SKF has been at the forefront of technological advancements for over a century, particularly in bearing and seal technologies essential for renewable energy and electric mobility. This funding is a testament to the shared vision of both SKF and the EIB toward a sustainable future.

Innovation remains at the core of SKF's operations. The company places great emphasis on the design, development, and commercialization of technologies that promote profitable growth. In 2023, SKF invested SEK 3.3 billion in R&D, resulting in a robust pipeline of products and services that deliver considerable customer value and foster growth.

Moreover, the EIB financing will heighten SKF's ongoing R&D efforts in various critical areas such as green steel, connectivity, oil regeneration, and laser cladding. Senior Vice President Annika Ölme states that through strategic technological advancement, SKF aims to enhance the reliability, sustainability, and efficiency of its products. This initiative is crucial for assisting customers in minimizing friction and energy waste in their operations, thereby contributing significantly to the necessary sustainability transformation.

In summary, SKF's acquisition of EUR 430 million from the EIB not only strengthens its financial footing but also underscores the company's commitment to sustainable innovation and technological advancement. As SKF continues to invest in sustainable solutions, it remains a key player in the quest for a more environmentally friendly and energy-efficient future. With the support of entities like the EIB, SKF looks well-positioned to repeat its historic success in driving progress and innovation in the industry.