Clean Motion signs project deal with EU Horizon Europe
Company: Clean motion
Ticker: CLEMO
List: Spotlight Stock Market
Market cap: 65,4 million SEK
Share price: 1.028 SEK at time of publication
Market Size: $24,5 billion by 2023
Industry: Electric last mile delivery
Website: https://cleanmotion.se/
ESGFIRE comment:
The GIANTS project ( which stands for Green Intelligent Affordable Nano Transport Solutions) consists of 23 partners has the goal of developing and implementing innovative and cost efficient solutions for electric vehicles.
The budget for the project is 15,1 million EUR, out of which 12 million is a direct grant contribution from the European Union. Clean Motion will be awarded 1,3 million EUR of the total budget as a grant contribution over the project period of 42 months with start in January 2024.
The project will allow Clean Motion to develop and adapt its existing EVIG vehicle into a new 4 wheel vehicle Category L7.
Chairman of the Board in Clean Motion Göran Folkesson commented on the news:
"In practice, this means that we have secured most of the funding required to implement our product development plan for the next three years, while a number of our subcontractors are in the consortium, which also accelerates the development of key components for our products,"
ESGFIRE views this news a real quality stamp and a big milestone for Clean Motion. Being awarded EU grants from Horizon is not a small achievement and the grants will pay for virtually all product development for the coming three years. ESGFIRE is now eagerly awaiting the type approval which should prove to be another very valuable milestone for Clean motion.
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Group CEO: Filip Erhardt
Email: Filip@esgfire.com
Telephone:+46701609605
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