Noerr advises European Investment Bank on growth financing of AI and automotive specialist Almotive

Noerr has advised the European Investment Bank (EIB) on the financing of the automotive technology company Almotive. The Hungarian-based company is receiving a venture debt credit of € 20m, which is secured via the European investment fund EFSI.

The funds will be used for research and further development of the company's innovative artificial intelligence (AI) based system for self-driving cars. The company aims to become a leading software and services provider in the global development of self-driving technologies. Besides modular AI software for autonomous driving, Almotive also has virtual simulation environments for accelerating tests and validating self-driving systems, as well as a powerful IP core optimised for AI computing. Customers include OEMs, tier 1 suppliers and providers of mobility services.

The EIB has been advised in this financing transaction by Tom Beckerhoff and Michael Schuhmacher. Both assist the EIB regularly on corporate and project finance deals. Clients of Noerr's financing practice comprising around 25 include numerous banks, insurance companies, pension funds, financial services providers and companies.

Advisors to European Investment Bank (EIB): Noerr LLP

Dr Tom Beckerhoff and Michael Schuhmacher (joint team lead, both Banking & Finance, Frankfurt), Sebastian Voigt (Private Equity), Dominik Pokora (Corporate/M&A), Dr Edina Schweizer (Banking & Finance/Hungarian Law, Budapest)