EIB signs €50million loan with European Spallation Source in Sweden

The credit facility was extended under the “InnovFin – EU Finance for Innovators” programme, with the financial backing of the European Union under Horizon 2020, the EU’s programme for research and innovation.

The European Investment Bank (EIB) has signed a €50 million (SEK 505 million) loan agreement with the European Spallation Source (ESS) in Lund, Sweden. The credit facility was extended under the “InnovFin – EU Finance for Innovators” programme, with the financial backing of the European Union under Horizon 2020, the EU’s programme for research and innovation. This loan follows an existing credit facility started in 2016, for a total exposure of €200million. The construction of the ESS is progressing despite the ongoing COVID-19 pandemic, with about three-quarters of the project complete at the end of 2020.

The ESS project originally marked the first time a project with an ERIC* statute was directly financed by the EU bank. Apart from providing financing, the EIB’s InnovFin Advisory Service also provided technical advice to pave the way for the successful conclusion of the loan agreement.

“ESS’ unique research capacity creates a wide range of new opportunities in the fields of life sciences, energy and environmental technology, which are also priority objectives for the EIB.," said EIB Vice-President Thomas Östros. “We have supported ESS from the beginning and are happy to continue our commitment to this landmark achievement of European scientific effort. Europe needs to stay at the forefront of international scientific research and we are committed to financing research projects where we can.”

Mariya Gabriel, European Commissioner for Innovation, Research, Culture, Education and Youth, said: “The Commission is pleased to extend its support to ESS and its unique research capacity. This highly ambitious project is making a significant step forward in the science of everyday life and we are proud to be part of its success story.”

ESS can be compared to a large microscope, as neutron scattering techniques offer the possibility to study material structures and motions at an atomic or molecular level. ESS will enable scientists to see and understand basic atomic structures and forces at length and time scales unachievable at other spallation sources. It thus opens new opportunities for researchers in multiple disciplines such as life science, environment, energy, transport and engineering, as well as physics, chemistry and even archaeology.