Spanish business group Dominion, which offers multi-technical services and specialised engineering solutions, will be able to develop a new research, development and innovation (RDI) programme thanks to the support of the European Union via a loan from the European Investment Bank (EIB). EIB Vice-President Román Escolano and Dominion CEO Mikel Barandiaran signed a EUR 25m Investment Plan for Europe loan at a ceremony in Bilbao. Most of this financing (77% of the total amount) will be used for the Dominion group’s innovation projects at its Spanish research centres in Bilbao, Seville, Madrid and Barcelona, with the remainder going to its centre in Ratingen, Germany.
This EIB loan will support the digitalization of production processes in some of the EU’s key economic sectors, such as healthcare services management, telecoms and industry. In concrete terms, Dominion will use this financing to implement a new programme enabling it to significantly expand the range of services and solutions it offers to its customers and strengthen the workforce of its research centres with highly qualified staff.
The loan signed was made possible by the Investment Plan for Europe and represents a major boost to Dominion achieving full financial independence, a process that began with its recent IPO. The long-term nature of the financing will also help provide the group with the stability needed to develop its strategic innovation plan over the coming years.
“This operation shows the EIB’s commitment to RDI projects in Spain and across Europe,”highlighted EIB Vice-President Román Escolano at the signing ceremony. “Supporting Spanish technology companies is vital if they are to continue to grow and hold a leading position in a highly competitive sector requiring major investment in innovation.”
European Commission Vice-President Jyrki Katainen said: “The Investment Plan is supporting innovative companies like Dominion that create jobs in their regions. This EIB loan – guaranteed by the European Fund for Strategic Investments – will enable Dominion to implement a new research, development and innovation programme for the benefit of its customers and competitiveness.”
Dominion CEO Mikel Barandiaran added: “This loan gives Dominion a key financial tool to support the goal of providing its customers with high value-added solutions and services based on innovation and know-how, enabling them to improve their production processes across the world.”