The Nordic Investment Bank (NIB) has provided a SEK 1 billion (EUR 96 million) loan to the Swedish mining equipment company Epiroc to finance the company’s R&D investments in Sweden during 2018-2021.

The eight-year loan funds Epiroc’s product and service development in the field of rock excavation, automation, interoperability and energy efficiency. “It is anticipated that in the coming years in the mining sector, tools will become more automated and electrified. With this substantial investment in R&D, Epiroc will be able to respond to the trend by bringing to market new products utilising state-of-the-art mining technology.”

“The outcome of this R&D project is expected to benefit the NIB member region at large, as Epiroc is an important player in the Nordic mining sector. The sector consists of excavation companies, technology providers and universities. In this type of R&D, projects are likely to be widely spread throughout the Nordic–Baltic economies through knowledge distribution and increased added value for the skills associated with mining. The investments are also expected to expand market opportunities supporting employment and deliveries.”

Epiroc provides equipment for drilling and rock excavation, and a range of related consumables and service to customers in more than 150 countries. The company has more than 13,000 employees. Its principal product development and manufacturing units are located in Sweden, the United States, Canada, Germany, China and India. Epiroc was part of the Atlas Copco Group, founded in 1873, until June 18, 2018 when Epiroc was demerged from Atlas Copco and listed on the stock exchange.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.