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EUR 40 million to develop PUNCH’s hydrogen propulsion technologies
The European Investment Bank (EIB) and the PUNCH Group, a leading innovative Belgian mid-cap developing propulsion and control systems for hybrid and electric vehicles, have signed a €40 million finance contract in support of the company’s research, development and innovation (RDI) activities. The investments will be made mainly at the company’s headquarters in Turin (Italy) and, to a lesser extent, in Strasbourg (France).
“The EIB's support will be a key factor in implementing our vision of sustainable mobility for all. We wish to expand our technological expertise in the field of electric and hydrogen propulsion and we believe in the huge potential of hydrogen engines, especially for heavier or commercial vehicles, off-road vehicles and the marine sector,” said Guido Dumarey, owner, founder and CEO of the PUNCH Group.