EIB PROVIDES €50 MILLION IN FUNDING TO TELTONIKA IOT GROUP
The European Investment Bank (EIB) has lent €50 million to Teltonika IoT Group to accelerate its research, development and innovation activities in wireless networks and communication technologies. Furthermore, the investment supports the expansion and upgrade of the company's manufacturing facilities, which, unlike those of its main direct competitors, are based in Europe (Lithuania).
"Working with an authoritative partner like the European Investment Bank is further proof that we are on the right path to building innovative and sustainable business,” says Arvydas Paukštys, President of Teltonika IoT Group. “The funding will help us to implement our investment plan for the coming years smoothly. We will allocate this loan to three areas. First of all, we will complete the construction of the Teltonika Technology Center in Molėtai and purchase the necessary equipment. After that, we will expand the production capacity of Teltonika EMS that operates in Vilnius, as well as securing funding for new research and development activities. We are growing fast and we have planned a lot of investments, so additional funding will speed up the implementation of projects.”
Moreover, these investments should contribute to the creation of additional highly skilled jobs in Lithuania. The Teltonika Technology Center in Molėtai alone will create 500 jobs. Arvydas Paukštys notes that these investments will effectively contribute towards sustainability and the reduction of CO2 emissions, as Teltonika aims to start mass production of smart and reliable electric vehicle chargers. In the next 10 years, Teltonika IoT Group is planning to implement many projects, including starting the semiconductor industry in Lithuania.
The EIB´s financing under the European Fund for Strategic Investments (EFSI) is supporting a highly innovative private European company in its efforts to enhance its competitive position in high value added products. By providing the company access to long-term financing, the EIB reaffirms its involvement in supporting RDI. Innovations and developing skills are fundamental components of balanced growth and the creation of jobs requiring high levels of expertise.
“Because we consider the internet of things a sector of strategic importance, we are glad to support Lithuania-based Teltonika IoT Group,” said EIB Vice-President Thomas Östros. “In an age of hyper-connectivity, the IoT is the basis of one of the fastest-growing tech sectors in which countless innovators provide software and hardware for everything, and the technology is increasingly becoming a part of our everyday lives. With our financing, we not only sustain and create jobs within a highly innovative industry, but we automatically strengthen the European Union’s competitiveness in this fast-growing market.”