European Investment Bank approves £100m loan towards emission research in UK
British multinational chemicals and precious metals company Johnson Matthey has secured a £100m loan from the European Investment Bank (EIB) for research into emission control and low carbon technologies.
The funds will be employed by the company for research at its Sonning Common, Berkshire & Billingham and Teeside research & development (R&D) centers on light and heavy duty vehicle emission control and catalyst technologies to meet stricter emission standards over the next two years.
Commenting on the loan Johnson Matthey group finance director Robert Macleod remarked that it is the third lending from the agency towards the company's R&D initiatives.
"Our investment in R&D is a key element of our strategy to deliver superior long term growth and this loan supports that growing expenditure in the UK," said Macleod.
The research will augment the company's work in advanced platinum group metal refining technology besides developing more environmentally friendly materials for a wide array of applications.
EIB vice president Simon Brooks added, "Improving technology to reduce pollution is a key to improving air quality and fighting climate change.
"The European Investment Bank recognizes the essential role of specialist emission research and development techniques to reduce harmful emissions from both vehicles and industry."