E-mobility and R&D specialist QEV Technologies will receive €17 million from the European Investment Bank (EIB) for a variety of low-carbon transportation projects.
The funding will boost the company’s development of electric powertrains for small urban transport vehicles, electric racing technologies, fast charging systems, and electric vehicles (EVs).
The project is supported by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe, also known as the Juncker Plan.
QEV is a Spanish technology and engineering company that develops and manufactures electric drive components for Formula-E race cars, and electric drivetrain assemblies (‘e-kits’) for minibuses.
The knowledge QEV has gained from the racing sector has enabled it to become a technology partner for several car manufacturers that are developing fully electric vehicles, including Spanish hypercar brand Hispano Suiza.re=:
Boosted by the EIB backing, QEV will advance its development of cleaner and more sustainable mobility innovations, helping to tackle climate change, a key priority for the EIB.
Growing its operations, QEV will develop zero-emissions vehicles, deploy rapid charging infrastructure, and accelerate its R&D of public transport EV technologies and high-performance vehicles. This includes supplying ‘e-kits’ to enable the electrification of public transport vehicles—both in the production of new models and the conversion of those already in service—in Asia, Latin America and Africa.
In the Philippines, QEV recently equipped 10 new GET electric minibuses and converted numerous Jeepneys to use its fully-electric technology. Converting old diesel-powered Jeepneys, the most popular means of public transportation in the country, has significant potential to enhance local air quality and could substantially reduce CO2 emissions.
In Manila alone, Jeepney’s produce 3,654 tons of CO2 per day. To achieve the same annual benefit as one Jeepney converted to electric power, it would be necessary to plant 300 trees each year. By the end of 2019, QEV will supply a further 100 e-kits to GET in Manila as part of its global plans to produce around 10,000 e-kits per year, following the EIB investment.
The EIB funding will not only contribute to sustainable public mobility and tackling climate change, but will also support new jobs. QEV’s total headcount is expected to grow from 100 employees to some 250 by 2023, of which more than 200 will be involved in R&D and engineering activities.