EIB provides €30 million to support MERMEC for rail system digitalisation in Italy

EIB | Updated: 22-09-2023 20:45 IST | Created: 22-09-2023 20:45 IST
EIB provides €30 million to support MERMEC for rail system digitalisation in Italy
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  • Italy

The European Investment Bank (EIB) is providing €30 million to support the research, development and innovation activities of MERMEC Group, an Italian multinational headquartered in Monopoli and a world leader in the design and development of integrated diagnostics, signalling, and railway, metro and tram infrastructure maintenance solutions. The agreement was signed by EIB Vice-President Gelsomina Vigliotti and MERMEC Group Chief Financial Officer Michele Costa on the side-lines of an event in Matera organised by the EIB and Confindustria Puglia e Basilicata to promote EU bank financing opportunities for businesses in the Puglia and Basilicata regions.

The agreement announced today covers initial financing of €20 million of a total of €30 million approved by the EIB, and aims to help MERMEC to develop innovative signalling platforms for driverless trains, and advanced solutions for more efficient diagnostics, rolling stock maintenance and railway infrastructure. The EIB resources will also enable MERMEC to develop solutions for the integrated management of railway assets via remote data use. The new solutions will apply advanced connectivity technologies, cloud computing and artificial intelligence to increase the efficiency of diagnostics and maintenance, as well as improving rail transport safety and sustainability. The research, development and innovation activities will take place in Italy between 2023 and 2025.

EIB Vice-President Gelsomina Vigliotti said: “EIB financing will enable MERMEC to develop innovative high-tech solutions to improve rail system reliability, safety and efficiency.”

MERMEC Group Chief Financial Officer Michele Costa added: “This operation confirms MERMEC Group’s wide-ranging commitment to invest in research and development, promoting sustainability and innovation in the rail sector and creating economic, social and environmental value. This agreement not only strengthens our ability to make this vision a reality, but also confirms the key role of international financial institutions in accelerating positive change.”

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