Ericsson secures €420 million funding from European Investment Bank

DPA
·1 min read
A robot grips a log of wood at a stand of the Ericsson telecommunications group at the Hanover Fair. Christophe Gateau/dpa
A robot grips a log of wood at a stand of the Ericsson telecommunications group at the Hanover Fair. Christophe Gateau/dpa

Swedish telecoms giant Ericsson announced it has reached two agreements for funding with the European Investment Bank for a total of €420 million ($455 million).

The company said €250 million was disbursed in December 2023.

The loans are allocated to fund Ericsson's research and development (R&D) initiatives focused on advancing wireless technology from 2023 to 2025.

Ericsson stated that the R&D investments are an important contributor to the company's overall plan to reach the net zero target by 2040 through reduced energy consumption in the mobile networks globally.

In December 2023, Ericsson signed a 7-year €100 million green funding agreement with the Nordic Investment Bank. The loan will finance R&D investments in wireless technology.

On November 23, 2023, Ericsson announced the successful placement of a green €500-million 4.5-year bond.