EIB Backs Vay’s Expansion of Remote-Driven Car-Sharing in Europe with €34 Million Loan
(IN BRIEF) The European Investment Bank (EIB) has provided a €34 million loan to Vay, a German teledriving technology company, to support its expansion in Europe. Vay’s innovative system allows vehicles to be remotely driven by trained drivers from a distance, offering a more efficient and cost-effective mobility service. With the funding, Vay aims to expand its door-to-door car-sharing services to more cities in Europe and North America. Having already launched in Las Vegas, Vay is set to roll out its service in European cities like Hamburg. This investment is part of the EU’s InvestEU programme, which supports research, development, and innovation.
(PRESS RELEASE) LUXEMBOURG, 18-Oct-2024— /EuropaWire/ — The European Investment Bank (EIB) has announced its decision to provide a loan of €34 million to Vay, a German company specializing in teledriving technology, to support the expansion of its innovative services in Europe. Headquartered in Berlin, Vay is poised to bring its remote driving solutions to the European market, with the EIB’s backing made possible through the European Union’s InvestEU guarantee programme. Vay’s technology, which allows vehicles to be driven by professional drivers from remote locations, first made its commercial debut in Las Vegas in January 2024.
With the fresh investment, Vay aims to extend its door-to-door car-sharing service to more cities across Europe and North America. Additionally, the company is focusing on building business-to-business collaborations with car manufacturers and other key stakeholders in the mobility sector.
Nicola Beer, Vice-President of the EIB, commented on the strategic investment: “This funding is a testament to our ongoing dedication to supporting European technology innovators like Vay. Their cutting-edge remote driving technology, developed here in Europe, promises to enhance transportation by making it more efficient, sustainable, and accessible. Vay’s approach to urban mobility will undoubtedly contribute to cleaner and smarter cities.”
Vay’s teledriving system operates by having a professionally trained driver control the vehicle remotely from a teledrive station. This enables the car to be delivered directly to the user’s location, where they can then take over and drive it themselves. After the trip, the user can simply exit the vehicle without worrying about parking, as the teledriver resumes control to park the car or drive it to the next customer. The model offers significant cost savings, providing an efficient mobility solution at roughly half the price of traditional ride-hailing services.
What sets teledriving apart from autonomous driving is the real-time human control of the vehicle, which avoids many of the legal and technical barriers currently faced by fully autonomous systems. The simplicity and adaptability of Vay’s technology make it a promising solution for widespread deployment.
Expressing his enthusiasm, Vay’s Co-founder and CEO, Thomas von der Ohe, said: “We are delighted that the EIB has chosen to support Vay’s growth with this significant loan. These funds will be instrumental in helping us further develop our technology and expand our presence in Europe. This investment aligns with our shared vision of fostering economic progress in the European Union. It also strengthens the confidence that regulators, partners, and consumers have in Vay as we prepare for the commercial launch of our service in European cities.”
Vay stands out as the first company in Europe to operate teledriven vehicles on public roads without a safety driver present. The company’s teledriving technology debuted in Las Vegas, and it has since been in discussions with several European cities to explore future service rollouts. In 2023, Vay completed successful test drives in Hamburg, Germany, marking a major achievement as the company operated on public roads without a safety driver. Vay has been working closely with German authorities to ensure its commercial service will soon be available in Hamburg.
The loan from the EIB is part of the InvestEU programme, which seeks to stimulate over €372 billion in investments in new technologies and innovation by 2027. The funding aligns with the EU’s goals of fostering research, development, and technological advancement across member states.
Background information
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. Its key priorities are climate and the environment, development, innovation and skills, small and medium companies (SMEs), infrastructure and cohesion. It works closely with other EU institutions to foster European integration, promote the development of the European Union and support EU policies in more than 140 countries worldwide.
The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.
EIB venture debt is a quasi-equity investment product suitable for early and growth stage ventures, combining a long-term loan with an instrument linking the return to the performance of the company. The EIB has made over 100 venture debt investments since 2015 across Europe, totalling over €2.1 billion. With the backing of InvestEU, the EIB aims to support European ventures and scale-ups in the cleantech, deeptech and life sciences sectors.
Vay develops automotive-grade technology for remote driving (“teledriving”), paving the way for sustainable and driverless mobility services. In February 2023, Vay became Europe’s first and only company to operate driverless vehicles on public roads. In January 2024, Vay launched its first commercial mobility service in Las Vegas, USA. Founded in Berlin in 2018 by Thomas von der Ohe, Fabrizio Scelsi, and Bogdan Djukic, Vay has 150+ employees and offices in Berlin, Hamburg, and Las Vegas, USA.
Vay raised a USD 95m Series B funding round, attracting investors worldwide. These include Kinnevik, Coatue, Eurazeo, Atomico, La Famiglia, and Creandum, as well as prominent business angels such as former Alphabet CFO Patrick Pichette, former member of the Management Board for R&D, Design, CTO of Audi Peter Mertens and Spotify’s Chief Technology & Chief Product Officer Gustav Söderström. In 2024, Vay received a EUR 34m investment from the European Investment Bank (EIB).
Media Contact:
Donata Riedel
d.riedel@eib.org
+352 4379 – 86192
Press Office
press@eib.org
+352 43791
SOURCE: European Investment Bank
MORE ON EUROPEAN INVESTMENT BANK, EIB, ETC.:
EDITOR’S PICK:
Alegerile din Moldova din 2024: O Bătălie pentru Democrație Împotriva Dezinformării
Northcrest Developments launches design competition to reimagine 2-km former airport Runway into a vibrant pedestrianized corridor, shaping a new era of placemaking on an international scale
The Road to Sustainable Electric Motors for EVs: IDTechEx Analyzes Key Factors
Infrared Technology Breakthroughs Paving the Way for a US$500 Million Market, Says IDTechEx Report
MegaFair Revolutionizes the iGaming Industry with Skill-Based Games
European Commission Evaluates Poland’s Media Adherence to the Right to be Forgotten
Global Race for Autonomous Trucks: Europe a Critical Region Transport Transformation
Digi Communications N.V. confirms the full redemption of €450,000,000 Senior Secured Notes
AT&T Obtiene Sentencia Contra Grupo Salinas Telecom, Propiedad de Ricardo Salinas, Sus Abogados se Retiran Mientras Él Mueve Activos Fuera de EE.UU. para Evitar Pagar la Sentencia
Global Outlook for the Challenging Autonomous Bus and Roboshuttle Markets
Evolving Brain-Computer Interface Market More Than Just Elon Musk’s Neuralink, Reports IDTechEx
Latin Trails Wraps Up a Successful 3rd Quarter with Prestigious LATA Sustainability Award and Expands Conservation Initiatives ↗️
Astor Asset Management 3 Ltd leitet Untersuchung für potenzielle Sammelklage gegen Ricardo Benjamín Salinas Pliego von Grupo ELEKTRA wegen Marktmanipulation und Wertpapierbetrug ein
Digi Communications N.V. announces that the Company’s Romanian subsidiary exercised its right to redeem the Senior Secured Notes due in 2025 in principal amount of €450,000,000
Astor Asset Management 3 Ltd Inicia Investigación de Demanda Colectiva Contra Ricardo Benjamín Salinas Pliego de Grupo ELEKTRA por Manipulación de Acciones y Fraude en Valores
Astor Asset Management 3 Ltd Initiating Class Action Lawsuit Inquiry Against Ricardo Benjamín Salinas Pliego of Grupo ELEKTRA for Stock Manipulation & Securities Fraud
Digi Communications N.V. announced that its Spanish subsidiary, Digi Spain Telecom S.L.U., has completed the first stage of selling a Fibre-to-the-Home (FTTH) network in 12 Spanish provinces
Natural Cotton Color lancia la collezione “Calunga” a Milano
Astor Asset Management 3 Ltd: Salinas Pliego Incumple Préstamo de $110 Millones USD y Viola Regulaciones Mexicanas
Astor Asset Management 3 Ltd: Salinas Pliego Verstößt gegen Darlehensvertrag über 110 Mio. USD und Mexikanische Wertpapiergesetze
ChargeEuropa zamyka rundę finansowania, której przewodził fundusz Shift4Good tym samym dokonując historycznej francuskiej inwestycji w polski sektor elektromobilności
Strengthening EU Protections: Robert Szustkowski calls for safeguarding EU citizens’ rights to dignity
Digi Communications NV announces the release of H1 2024 Financial Results
Digi Communications N.V. announces that conditional stock options were granted to a director of the Company’s Romanian Subsidiary
Digi Communications N.V. announces Investors Call for the presentation of the H1 2024 Financial Results
Digi Communications N.V. announces the conclusion of a share purchase agreement by its subsidiary in Portugal
Digi Communications N.V. Announces Rating Assigned by Fitch Ratings to Digi Communications N.V.
Digi Communications N.V. announces significant agreements concluded by the Company’s subsidiaries in Spain
SGW Global Appoints Telcomdis as the Official European Distributor for Motorola Nursery and Motorola Sound Products
Digi Communications N.V. announces the availability of the instruction regarding the payment of share dividend for the 2023 financial year
Digi Communications N.V. announces the exercise of conditional share options by the executive directors of the Company, for the year 2023, as approved by the Company’s Ordinary General Shareholders’ Meetings from 18th May 2021 and 28th December 2022
Digi Communications N.V. announces the granting of conditional stock options to Executive Directors of the Company based on the general shareholders’ meeting approval from 25 June 2024
Digi Communications N.V. announces the OGMS resolutions and the availability of the approved 2023 Annual Report
Czech Composer Tatiana Mikova Presents Her String Quartet ‘In Modo Lidico’ at Carnegie Hall
SWIFTT: A Copernicus-based forest management tool to map, mitigate, and prevent the main threats to EU forests
WickedBet Unveils Exciting Euro 2024 Promotion with Boosted Odds
Museum of Unrest: a new space for activism, art and design
Digi Communications N.V. announces the conclusion of a Senior Facility Agreement by companies within Digi Group
Digi Communications N.V. announces the agreements concluded by Digi Romania (formerly named RCS & RDS S.A.), the Romanian subsidiary of the Company
Green Light for Henri Hotel, Restaurants and Shops in the “Alter Fischereihafen” (Old Fishing Port) in Cuxhaven, opening Summer 2026
Digi Communications N.V. reports consolidated revenues and other income of EUR 447 million, adjusted EBITDA (excluding IFRS 16) of EUR 140 million for Q1 2024
Digi Communications announces the conclusion of Facilities Agreements by companies from Digi Group
Digi Communications N.V. Announces the convocation of the Company’s general shareholders meeting for 25 June 2024 for the approval of, among others, the 2023 Annual Report
Digi Communications NV announces Investors Call for the presentation of the Q1 2024 Financial Results
Digi Communications intends to propose to shareholders the distribution of dividends for the fiscal year 2023 at the upcoming General Meeting of Shareholders, which shall take place in June 2024
Digi Communications N.V. announces the availability of the Romanian version of the 2023 Annual Report
Digi Communications N.V. announces the availability of the 2023 Annual Report
International Airlines Group adopts Airline Economics by Skailark ↗️
BevZero Spain Enhances Sustainability Efforts with Installation of Solar Panels at Production Facility
Digi Communications N.V. announces share transaction made by an Executive Director of the Company with class B shares
BevZero South Africa Achieves FSSC 22000 Food Safety Certification
Digi Communications N.V.: Digi Spain Enters Agreement to Sell FTTH Network to International Investors for Up to EUR 750 Million
Patients as Partners® Europe Announces the Launch of 8th Annual Meeting with 2024 Keynotes and Topics
driveMybox continues its international expansion: Hungary as a new strategic location
Monesave introduces Socialised budgeting: Meet the app quietly revolutionising how users budget
Digi Communications NV announces the release of the 2023 Preliminary Financial Results
Digi Communications NV announces Investors Call for the presentation of the 2023 Preliminary Financial Results
Lensa, един от най-ценените търговци на оптика в Румъния, пристига в България. Първият шоурум е открит в София
Criando o futuro: desenvolvimento da AENO no mercado de consumo em Portugal
Digi Communications N.V. Announces the release of the Financial Calendar for 2024
Customer Data Platform Industry Attracts New Participants: CDP Institute Report
eCarsTrade annonce Dirk Van Roost au poste de Directeur Administratif et Financier: une décision stratégique pour la croissance à venir
BevZero Announces Strategic Partnership with TOMSA Desil to Distribute equipment for sustainability in the wine industry, as well as the development of Next-Gen Dealcoholization technology
Digi Communications N.V. announces share transaction made by a Non-Executive Director of the Company with class B shares
Digi Spain Telecom, the subsidiary of Digi Communications NV in Spain, has concluded a spectrum transfer agreement for the purchase of spectrum licenses
Эксперт по торговле акциями Сергей Левин запускает онлайн-мастер-класс по торговле сырьевыми товарами и хеджированию
Digi Communications N.V. announces the conclusion by Company’s Portuguese subsidiary of a framework agreement for spectrum usage rights
North Texas Couple Completes Dream Purchase of Ouray’s Iconic Beaumont Hotel
Предприниматель и филантроп Михаил Пелег подчеркнул важность саммита ООН по Целям устойчивого развития 2023 года в Нью-Йорке
Digi Communications NV announces the release of the Q3 2023 Financial Results
IQ Biozoom Innovates Non-Invasive Self-Testing, Empowering People to Self-Monitor with Laboratory Precision at Home
BevZero Introduces Energy Saving Tank Insulation System to Europe under name “BevClad”
Motorvision Group reduces localization costs using AI dubbing thanks to partnering with Dubformer
Digi Communications NV Announces Investors Call for the Q3 2023 Financial Results
Jifiti Granted Electronic Money Institution (EMI) License in Europe
Предприниматель Михаил Пелег выступил в защиту образования и грамотности на мероприятии ЮНЕСКО, посвящённом Международному дню грамотности
VRG Components Welcomes New Austrian Independent Agent
Digi Communications N.V. announces that Digi Spain Telecom S.L.U., its subsidiary in Spain, and abrdn plc have completed the first investment within the transaction having as subject matter the financing of the roll out of a Fibre-to-the-Home (“FTTH”) network in Andalusia, Spain
Продюсер Михаил Пелег, как сообщается, работает над новым сериалом с участием крупной голливудской актрисы
Double digit growth in global hospitality industry for Q4 2023
ITC Deploys Traffic Management Solution in Peachtree Corners, Launches into United States Market
Cyviz onthult nieuwe TEMPEST dynamische controlekamer in Benelux, Nederland
EU-Funded CommuniCity Launches its Second Open Call
Astrologia pode dar pistas sobre a separação de Sophie Turner e Joe Jonas
La astrología puede señalar las razones de la separación de Sophie Turner y Joe Jonas
Empowering Europe against infectious diseases: innovative framework to tackle climate-driven health risks
Montachem International Enters Compostable Materials Market with Seaweed Resins Company Loliware
Digi Communications N.V. announces that its Belgian affiliated companies are moving ahead with their operations
Digi Communications N.V. announces the exercise of conditional share options by an executive director of the Company, for the year 2022, as approved by the Company’s Ordinary General Shareholders’ Meeting from 18 May 2021
Digi Communications N.V. announces the availability of the instruction regarding the payment of share dividend for the 2022 financial year
Digi Communications N.V. announces the availability of the 2022 Annual Report
Digi Communications N.V. announces the general shareholders’ meeting resolutions from 18 August 2023 approving amongst others, the 2022 Annual Accounts
Русские эмигранты усиливают призывы «Я хочу, чтобы вы жили» через искусство
BevZero Introduces State-of-the-Art Mobile Flash Pasteurization Unit to Enhance Non-Alcoholic Beverage Stability at South Africa Facility
Russian Emigrés Amplify Pleas of “I Want You to Live” through Art
Digi Communications NV announces the release of H1 2023 Financial Results
Digi Communications NV Announces Investors Call for the H1 2023 Financial Results
Digi Communications N.V. announces the convocation of the Company’s general shareholders meeting for 18 August 2023 for the approval of, among others, the 2022 Annual Report
“Art Is Our Weapon”: Artists in Exile Deploy Their Talents in Support of Peace, Justice for Ukraine
Digi Communications N.V. announces the availability of the 2022 Annual Financial Report
“AmsEindShuttle” nuevo servicio de transporte que conecta el aeropuerto de Eindhoven y Ámsterdam
Un nuovo servizio navetta “AmsEindShuttle” collega l’aeroporto di Eindhoven ad Amsterdam
Digi Communications N.V. announces the conclusion of an amendment agreement to the Facility Agreement dated 26 July 2021, by the Company’s Spanish subsidiary
Digi Communications N.V. announces an amendment of the Company’s 2023 financial calendar
iGulu F1: Brewing Evolution Unleashed
Почему интерактивная «Карта мира» собрала ключевые антивоенные сообщества россиян по всему миру и становится для них важнейшим инструментом
Hajj Minister meets EU ambassadors to Saudi Arabia
Online Organizing Platform “Map of Peace” Emerges as Key Tool for Diaspora Activists
Digi Communications N.V. announces that conditional stock options were granted to executive directors of the Company based on the general shareholders’ meeting approval from 18 May 2021
Digi Communications N.V. announces the release of the Q1 2023 financial results
AMBROSIA – A MULTIPLEXED PLASMO-PHOTONIC BIOSENSING PLATFORM FOR RAPID AND INTELLIGENT SEPSIS DIAGNOSIS AT THE POINT-OF-CARE
Digi Communications NV announces Investors Call for the Q1 2023 Financial Results presentation
Digi Communications N.V. announces the amendment of the Company’s 2023 financial calendar
Digi Communications N.V. announces the conclusion of two Facilities Agreements by the Company’s Romanian subsidiary
Digi Communications N.V. announces the conclusion of a Senior Facility Agreement by the Company’s Romanian subsidiary
Patients as Partners Europe Returns to London and Announces Agenda Highlights
GRETE PROJECT RESULTS PRESENTED TO TEXTILE INDUSTRY STAKEHOLDERS AT INTERNATIONAL CELLULOSE FIBRES CONFERENCE
Digi Communications N.V. announces Digi Spain Telecom S.L.U., its subsidiary in Spain, entered into an investment agreement with abrdn to finance the roll out of a Fibre-to-the-Home (FTTH) network in Andalusia, Spain
XSpline SPA / University of Linz (Austria): the first patient has been enrolled in the international multicenter clinical study for the Cardiac Resynchronization Therapy DeliveRy guided by non-Invasive electrical and VEnous anatomy assessment (CRT-DRIVE)
Franklin Junction Expands Host Kitchen® Network To Europe with Digital Food Hall Pioneer Casper
Unihertz a dévoilé un nouveau smartphone distinctif, Luna, au MWC 2023 de Barcelone
Unihertz Brachte ein Neues, Markantes Smartphone, Luna, auf dem MWC 2023 in Barcelona
Editor’s pick archive….
Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=67126d46945e44429af41016cd6180af&url=https%3A%2F%2Fnews.europawire.eu%2Feib-backs-vays-expansion-of-remote-driven-car-sharing-in-europe-with-e34-million-loan%2Feu-press-release%2F2024%2F10%2F18%2F12%2F35%2F05%2F142444%2F&c=14902182983536991920&mkt=de-de
Author :
Publish date : 2024-10-18 04:06:00
Copyright for syndicated content belongs to the linked Source.