Home / Business and Economy / EIB Backs Sandvik's Mining Innovation with €500m
EIB Backs Sandvik's Mining Innovation with €500m
27 Nov
Summary
- EIB loans Sandvik €500m for advanced mining R&D.
- Funding supports automated, digital, and sustainable solutions.
- R&D will focus on new tech, battery-electric equipment, and digitalization.
The European Investment Bank (EIB) has committed €500 million to Swedish engineering firm Sandvik. This substantial loan will fuel Sandvik's research and development efforts from 2026 to 2029, with a focus on advancing automated, digital, and sustainable mining technologies. The funding is earmarked for innovations such as new cutting tools, battery-electric mining machinery, and sophisticated digital solutions for the sector.
This investment is poised to enhance Europe's industrial prowess and self-sufficiency. Karl Nehammer, EIB vice-president, highlighted the critical role of sustained innovation for European competitiveness. Sandvik, a recognized leader in mining and manufacturing solutions, will concentrate its R&D activities in Sweden, Finland, and Germany, furthering advancements in automated drilling and excavation processes.
The EIB's financing aligns with its strategic goals, including support for digital innovation and critical raw materials. Sandvik's CEO, Stefan Widing, emphasized the company's commitment to productivity, safety, and sustainability for its customers. This partnership reinforces a long-standing relationship, with the EIB having financed four prior R&D programs for Sandvik since 1999.
