Spanish automotive supplier receives €26m EU funding

Biscay, Spain – Spanish rubber and plastic automotive parts supplier Cikautxo Group has received a €26-million loan from the European Investment Bank (EIB) to bolster its ‘innovation strategy’.

In a 5 Feb statement, the European Commission announced that the financing will go towards R&D investment at the company’s Berriatua, Biscay, facility.

The company will research fuel efficiency and lightweighting in hybrid and electric cars with the so-called “EU Junker Plan loan”, said the EC statement.

Among others, the investment will see the launch of a new production processes…

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