EIB invests in Italian company Eggtronic’s innovative technologies
MODENA, Italy, Nov. 29, 2021 /PRNewswire-PRWeb/ —
- €15 million will go to Eggtronic’s technological innovation
- This investment has been made possible by the European Guarantee Fund, part of the European Union’s €540 billion COVID-19 response package
- The tools developed will allow for greater energy efficiency
The European Investment Bank (EIB) is set to finance the Italian electronics and innovation sector by granting a €15 million loan to SME Eggtronic Engineering S.p.A., founded in 2012 in Modena, Italy, and with subsidiaries in the United States and China. This investment has been made possible by a contribution from the European Guarantee Fund, part of the European Union’s €540 billion response to the economic difficulties and production slowdowns caused by the coronavirus pandemic.
The EIB financial support will contribute to Eggtronic’s research and development for marketing its technologies to businesses and consumers. The company has the potential to become a major player in energy conversion and wireless charging and in combating climate change.
Eggtronic’s power conversion systems improve the performance of semiconductors, thereby cutting converter costs and improving energy efficiency. These technologies can be applied to both consumer electronics and more complex systems such as those for hybrid and electric transport and renewable energy. The conversion devices also serve as a bridge between renewable power generation systems and the batteries used for storage, presenting an innovative solution for meeting carbon neutrality goals.
Eggtronic is also conducting its own research into wireless charging, which will receive further support through the EIB financing. The Italian company has produced the first prototypes for the position-free wireless charging of TVs, laptops and appliances, in line with new wireless charging concepts making it possible to charge a wide range of appliances, consumer electronics and automotive devices safely and in an environmentally friendly way.
EIB Vice-President Gelsomina Vigliotti said: “At the EIB, we strongly believe that innovation is key to fostering growth and collective well-being. By improving energy efficiency, innovation and research also contribute to environmental sustainability. This is why we are proud to finance Eggtronic, enabling it to significantly expand its design and research operations in power conversion and wireless charging. The EIB is standing by its commitment to support the development of Italian and European businesses on the cutting edge of technology due to the strategic importance of this field.”
Eggtronic CEO Igor Spinella added: “At Eggtronic, we want to improve lives and protect the environment using our cutting-edge semiconductor and power electronic technology innovations. We want to foster the growth of this strategic sector in Italy to make a technological, ethical and social contribution. We are happy to have such a forward-looking and knowledgeable partner as the EIB, giving strong impetus to our ambitious development plan.”
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It provides long-term financing for sound investments that contribute to EU policy. The Bank finances projects in four priority areas: infrastructure, innovation, climate and environment, and small and medium-sized enterprises (SMEs). From 2019 to 2020, the EIB Group provided €23 billion in financing for projects in Italy.
Eggtronic’s mission is to improve people’s life and help the environment with innovative power electronics technologies and the company has been revolutionizing the world of power converters and wireless power since 2012. Based in San Francisco, Modena, Italy and Guangzhou, China, Eggtronic develops cutting-edge, environmentally-friendly and energy-efficient technologies, with more than 240 international patents granted worldwide. The company began producing its first microchips in 2021. Whether through B2B partnerships in the consumer, automotive, or industrial fields, or for everyday consumers, Eggtronic invents revolutionary power technologies to make modern life easier, more efficient and more connected.
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