EIB Financing for Innovation
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1 EIB Financing fr Innvatin Eurpean Investment Bank Access t Finance fr the Space Sectr SPACE Week 2017 Rme, 21 Nvember 2017 Innvatin Finance Eurpean Advisry Investment Eurpean Bank Investment Bank 1 Eurpean Investment Bank 1
2 Agenda The Eurpean Investment Bank at a glance Overview f EIB financing instruments Key financing prgrammes targeting innvatin Examples f relevant financing instruments Nt nly finance: Innvatin Finance Advisry Innvatin Finance Eurpean Advisry Investment Eurpean Bank Investment Bank 2
3 Eurpean Investment Bank the EU Bank Natural financing partner fr the EU institutins since 1958 Arund 90% f lending is within the EU Sharehlders: 28 EU Member States Investing in Eurpe s grwth Innvatin Finance Eurpean Advisry Investment Eurpean Bank Investment Bank 3
4 EIB financing since its fundatin Innvatin Finance Eurpean Advisry Investment Eurpean Bank Investment Bank 4
5 Our Pririties (2016 financing vlumes) Envirnment Infrastructure Innvatin SMEs EUR EUR EUR EUR 16.9bn 19.7bn 13.5bn 33.6bn Innvatin Finance Eurpean Advisry Investment Eurpean Bank Investment Bank 5
6 EIB Prducts LENDING BLENDING ADVISING Lans But als: Guarantees (trade financing) Equity participatin Cmbining EIB finance with EU budget (Prject Bnd Initiative) Higher risk prjects fr innvatin (InnvFin) Prepare, evaluate and supprt the implementatin f prjects Supprt fr public/private partnerships Attracting FUNDING fr lng-term grwth Innvatin Finance Eurpean Advisry Investment Eurpean Bank Investment Bank 6
7 Tech Transfer / VC VC / SME Funds VC / SME Funds PE / MidCap Funds Funding size (EURm) Quasi-equity C-investments/Direct Equity Access t finance EIB Grup Prducts cvering the entire cycle f a cmpany s develpment Mandates/ SLA Glbal Lans Intermediaries (Banks) Investment Lans Intermediaries (Funds) Cntingent Lans < 25m Secnd Valley f Death < 10m First Valley f Death Innvatin finance gap < 7.5m < 1.0m Seed stage Grwth Finance Gap expansin capital EUR 7.5m-25m Pre- seed Startup Emerging SMEs and Small MidCaps <250 emplyees Small MidCaps and MidCaps Large MidCaps 500-3,000 Large Caps Stage f develpment Innvatin Finance Eurpean Advisry Investment Eurpean Bank Investment Bank 7
8 2 Majr Prgrammes t supprt Innvatin (1/2) Eurpean Fund fr Strategic Investments EU Guarantee EUR 16bn EIB EUR 5bn EFSI - Eurpean Fund fr Strategic Investments EUR 21bn Infrastructure and Innvatin Windw EUR 15.5bn Deplyed by EIB SME Windw EUR 5.5bn Deplyed by EIF Financing: EUR 61bn Final investments: EUR 315bn Innvatin Finance Eurpean Advisry Investment Eurpean Bank Investment Bank 8
9 2 Majr Prgrammes t supprt Innvatin (2/2) InnvFin Innvatin Finance Eurpean Advisry Investment Eurpean Bank Investment Bank 9
10 A wide range f instruments fr innvative cmpanies Equity and equity-like Debt Advisry EIB Grup majr FF investr in Eurpe Intermediated investments (via TT, VC and PE funds) acrss all sectrs and gegraphies Sn t be launched a dedicated envelpe fr Funds investments linked t space technlgies A new equity-like instrument fr yung, innvative cmpanies directly available at the EIB Senir and subrdinated debt available fr mre mature cmpanies (cashflw visibility) Available bth directly at the EIB and via EIB s partner intermediaries Flexible and generally mre favurable terms Supprt t innvative cmpanies imprve their investment readiness Explre financing ptins within and utside the EIB Grup Help develp a credit / equity narrative fr investrs Review business and financing strategy and identify and mitigate investment «shw stppers» Supprt the cmpany strengthen ther critical business areas (e.g. gvernance, etc) Innvatin Finance Eurpean Advisry Investment Eurpean Bank Investment Bank 10
11 Example: InnvFin Space Equity Pilt (ISEP) Measures are in place t supprt the space innvatin ecsystem with prizes, cmpetitins, business incubatrs, and acceleratrs ISEP is geared twards imprving access-t-finance by investing in venture capital and ther risk-capital funds fcussed n innvative SMEs and small midcaps related t space data and space technlgy The expected utcme is an increase in vlume f investment as well as the number f investments ISEP will be a space sectr fcused cmpartment under the Single EU Equity Financial Instrument, becming available in 2018 The indicative budget ttals t 50mi EUR ver Innvatin Finance Eurpean Advisry Investment Eurpean Bank Investment Bank 11
12 Example: Grwth Finance prduct (quasi-equity) Venture Debt EIB Grwth Finance Bank term lan Typical term 3 years 5 years 5 years Repayment Amrtising Bullet Amrtising Availability perid Immediate 2-3 years 1 year Typical lan size EUR 1-5m EUR m EUR m Average annual cash interest rate 10-15% 3-10% 1-5% Warrant size Depending n valuatin Depending n valuatin Nne * Sme f the abve figures are generalizatins. Final figures are usually subject t due diligence and rating r risk/return apprval Innvatin Finance Eurpean Advisry Investment Eurpean Bank Investment Bank 12
13 Innvatin Finance Advisry (IFA) Prjects Advisry Imprve bankability/investment readiness Enable earlier/ faster access t finance Light Prject Advisry Prjects Advisry Pipeline Develpment InnvFin Advisry Hrizntal Activities Market studies Imprve framewrk cnditins fr financing Develp business case fr new financing mechanisms in RDI sectrs Prepare studies n increasing effectiveness f financial instruments t address specific sectr/rdi plicy bjectives - Independent advisry - Supprt pipeline develpment - Upstream prject advisry where needed (technical, financial) Transfer f Lessns Learned Investment Platfrms Leverage hrizntal (market) studies t identify funding gaps Where necessary, recmmend internal EIB-managed instruments and/r Investment Platfrms (IP) Structure/implement IP that mbilise public/private investrs Leverage hrizntal (market) studies: - Biecnmy - Digital Ecnmy - Circular Ecnmy - KETS - Life Sciences, etc Innvatin Finance Eurpean Advisry Investment Eurpean Bank Investment Bank 13
14 Study n access-t-finance cnditins fr the Eurpean Space Sectr Scpe Exam questins Framing f the Eurpean Space investment landscape and market segmentatin What are the actrs and business mdels in the EU space sectr? Market cnsultatin (bth cmpanies and investrs) - analysis f market failures, subptimal investment situatins and investment needs What are their investment and risk prfiles? What are the investment and financing patterns? Frmulatin f plicy ptins and financialrelated recmmendatins t remve bttlenecks What public and private instruments are available t these cmpanies, hw successful they are in accessing them and why? Is there a financing gap and where in the value chain? What can EU institutins d abut it? Innvatin Finance Eurpean Advisry Investment Eurpean Bank Investment Bank 14
15 Examples f Advisry supprt t innvative cmpanies Bi-bank cmpany in need f scale-up finance Cmpany identified in the cntext f life sciences market study; Gd technlgy and cmpany prfile, lking fr scale-up finance; Review f business plan and funding needs; Advice n ptential EIB financing; Identificatin f key risk factrs and mitigating aspects; Assessment f the technical merit f the prject; Hand ver t EIB lending team. Fast charging infrastructure netwrk in the Nrdics Danish cmpany planning t rll ut a netwrk f EV fast charging infrastructure; Advisry supprt: Advised n rll-ut strategy, its scalability and ptential implicatins fr financing; Accmpanied management during the fundraising perid and the identificatin f a strategic partnership; Supprted the applicatin t a EU grant call; Assessed the technical and financial merit f the prject; Explred financing pprtunities. Prject likely t be mature fr EIB financing sn. Innvatin Finance Eurpean Advisry Investment Eurpean Bank Investment Bank 15
16 Cntact Details Alessandr De Cncini Innvatin Finance Advisry Advisry Services Department Phne: (+352) Eurpean Investment Bank 3, rue Jean Mnnet L-2180 Luxemburg T cnsult EIB Grup s financing instruments and intermediaries: Innvatin Finance Eurpean Advisry Investment Eurpean Bank Investment Bank 16
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