BAKU, Azerbaijan, December 13. The European Investment Bank (EIB) has announced a 20 million euro venture debt loan for Tau Group, an Italian technology startup focused on electrifying transport and advancing energy transition solutions, Trend reports.
The funding, backed by the InvestEU program, will help Tau Group increase its production capacity for high-performance magnet wire from 2,000 to 12,000 tons annually by 2027.
The investment will be directed toward Tau Group’s plant in Turin, where the company will scale up its patented DryCycle process. This innovative technique replaces traditional solvent-based wire enameling methods with a single-step process that eliminates harmful solvents, reduces energy consumption, and minimizes production waste. The result is environmentally friendly, cost-efficient magnet wire suitable for electric vehicles and other electrical machinery.
“Electrifying the car manufacturing industry and ensuring its production efficiency is fundamental, not only to step up the fight against climate change but also to reinforce Europe’s competitiveness,” said Alessandro Izzo, EIB Director for Equity, Growth, and Project Finance.
Tau Group CEO Francesco Taiariol highlighted the significance of the EIB's support: “This funding will enable us to scale up production capacity, advance the DryCycle process, and strengthen Europe’s position in the global energy transition.”
The EIB's venture debt offering is designed to meet the needs of innovative, fast-growing businesses. Since 2015, the EIB has invested over 6 billion euros in 200 projects across Europe, underscoring its commitment to fostering sustainable innovation.