The European Investment Bank (EIB) supports aeronautic research, development and innovation projects and the development of technologies in new areas from “Industria de Turbo Propulsores, S.A.” (ITP) with a loan of €50 million. The activities will be carried out at ITP’s R&D facilities in Ajalvir (Madrid) and Zamudio (Bilbao) and generate around 200 new jobs.

The Spanish company “Industria de Turbo Propulsores, S.A.” (ITP) has been granted since December with €50 million loan from the European Investment Bank (EIB) to support its aeronautic research, development and innovation projects and the development of technologies in new areas. It is expected that the investment generate around 200 new jobs in the places where the activities will be carried out, in ITP’s R&D facilities in Ajalvir (Madrid) and Zamudio (Bilbao).

The funding will be to develop aircraft engine parts, including low pressure turbines (for a new generation of twin-aisle aircraft), compressors, exhaust nozzles and radial structures, with special emphasis on enhancing energy efficiency and reducing fuel consumption, weight, noise and the life-cycle cost; and investment aimed at developing project-related technology, process engineering and tooling.

According to the EIB, the activities financed are in line with EU policy of greening air transport and reducing emissions (including greenhouse gases) with a view to protecting the environment and people’s health. The RDI investments will help to develop the knowledge base and increase the industry’s competitiveness.