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The European Investment Bank and European Startup Prize collaborate to support SMEs developing sustainable mobility innovations.
The European Investment Bank and European Startup Prize collaborate to support SMEs developing sustainable mobility innovations.
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COVID-19 EIB and EUSP join forces to help sustainable mobility companies recover from COVID-19

| Author / Editor: Erika Granath / Erika Granath

The European Investment Bank and European Startup Prize join forces to support SMEs developing sustainable mobility innovations, with the aim of giving them the resources necessary to scale-up.

Following the economic impact of the COVID-19 pandemic, the European Startup Prize (EUSP) and the European Investment Bank (EIB) have joined forces to support European sustainable mobility small and medium-sized enterprises (SMEs).

EUSP is one of the largest supporters of mobility projects in the world. This year, the event's best SMEs meeting the EIB Future Mobility criteria will have the opportunity to pitch their innovative projects to the EIB.

The collaboration aims at supporting SMEs that develop sustainable mobility innovations, with the aim of giving them the resources necessary to scale-up.

Lilyana Pavlova, Vice-President of the EIB Group and responsible for the bank's transport operations, said in a press release: "The coronavirus outbreak is challenging the EU economy in a way that would have been unthinkable until a few weeks ago. Small and medium-sized companies represent the backbone of the EU economy and are the hardest hit by the current crisis, as business liquidity is drying up. Apart from the immediate financial support we are providing for companies during the crisis, we are glad to join forces with EUSP to also offer the most innovative start-ups operating in the field of sustainable mobility the possibility to present their projects directly to our experts."

Karima Delli, Chairwoman of the Committee on Transport and Tourism at the European Parliament and President of the EUSP, commented: "This year looks like no other. The 2020 edition of the European Startup Prize for Mobility is constantly adapting its acceleration program in order to provide a tailored, post-crisis, economic booster to its community of start-ups. There is a great emergency to support European start-ups in those difficult times. That's why this year's edition will focus on channeling investments to help them recover quickly. The EIB is once again playing a major role in supporting European innovation in the mobility sector."

In 2019, the EU bank signed new deals totaling €10.5 billion for 81 new transport projects within the European Union. Alongside investments in more traditional transport infrastructure—such as railways, roads, airports and ports—to develop the Trans-European Transport Network (TEN-T) and investments in traditional sustainable transport projects such as metro and tram lines, notable projects signed in 2019 included fleets of buses using electric and/or alternative fuels.