Germany: EIB Provides €30 Million Financing to OLEDWorks for Automotive Lighting
- Editor
- Jun 24
- 2 min read
Whats Happening:
The European Investment Bank (EIB) has provided €30 million in financing to OLEDWorks, a company specializing in innovative lighting solutions for the automotive industry. This funding, backed by the European Commission's InvestEU programme, aims to support OLEDWorks' expansion and product development within the European Union, focusing primarily on automotive clients. The investment will primarily be used at the company's existing site in Aachen, Germany.
Key Moves:
EIB grants €30 million financing to OLEDWorks for automotive lighting solutions
Funding to support OLEDWorks' expansion and product development in the EU
Investment primarily focused on the company's site in Aachen, Germany
By The Numbers:
€30 million financing provided by EIB to OLEDWorks
EIB Group signed nearly €89 billion in new financing in 2024
InvestEU Fund aims to mobilize at least €372 billion in additional investment
Key Quotes:
"OLEDWorks provides the type of cutting-edge technology that will secure a bright future for Europe and its people," said EIB Vice President Nicola Beer.
"The financing provided by the EIB will allow for expedited technology development and will enable advancements of OLED lighting technology," said David DeJoy, CEO of OLEDWorks.
"The technology advancements along with enhanced capacity at our Aachen facility will empower us to respond swiftly to our customers' demands," added Wolfgang Görgen, Managing Director of OLEDWorks GmbH.
Bottom Line:
The EIB's €30 million financing to OLEDWorks represents a significant investment in innovative automotive lighting technology. This funding not only supports OLEDWorks' growth and product development but also aligns with the EU's goals of promoting sustainable investment, innovation, and job creation. The deal underscores the importance of keeping key manufacturing sectors and innovation within Europe, particularly in strategic industries like automotive lighting.
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