Web Summit: Juncker Plan backs QEV Technology’s development of electric vehicles

The European Investment Bank (EIB) is providing €17 million in financing to QEV Technologies to support its research and development (R&D) activities. The Spanish technology and engineering company develops electric drive systems for small urban transport vehicles, electric vehicles, fast charging systems and electric racing technologies. The EIB financing, announced at the Web Summit in Lisbon, is backed by the Juncker Plan’s European Fund for Strategic Investments. Thanks to this financial support, QEV will employ an additional 100 employees bringing its total headcount to 250 by 2023, including around 215 involved in R&D and engineering activities. Commissioner Carlos Moedas, responsible for Research, Science and Innovation, said: “The deal signed at the Web Summit is another example of the Juncker Plan’s strong and continual support for research, development and innovation in Europe. What’s more, the investment boost will allow QEV to take on an additional 150 employees. Juncker Plan-backed investments have already added 1.1 million jobs to the European labour market. It has been a good week for tech in the EU: thank you, Web Summit!” The press release is available here. As of October 2019, the Juncker Plan had already mobilised €439.4 billion of investment across the EU, including €49.1 billion in Spain, and supported more than one million start-ups and small and medium businesses. Juncker Plan-backed investments have increased EU gross domestic product by 0.9% and added 1.1 million jobs compared to the baseline scenario. By 2022, the Juncker Plan will have increased EU GDP by 1.8% and added 1.7 million jobs.