The EIB’s loan is expected to help the company for new and improved cooling technologies, particularly adiabatic systems and new mechanisms in accordance with its industrial innovations
EIB grants €200m loan for OVHcloud. (Credit: European Investment Bank)
French cloud computing company OVHcloud has secured a loan of €200m from the European Investment Bank (EIB) for its expansion in Europe.
The credit facility is a commitment in compliance with the European Union’s priorities for strategic autonomy in the field of new technologies.
OVHcloud provides users’ data sovereignty in an open, reversible, transparent and federated cloud ecosystem.
The EIB’s loan is expected to help the company for new and improved cooling technologies, particularly adiabatic systems and new mechanisms in accordance with its industrial innovations.
The French cloud computing firm intends to expedite its global deployment by opening 15 new data centres by the end of 2024.
OVHcloud CEO Michel Paulin said: “Whether in software or hardware, innovation is at the heart of our company’s DNA and guides each and every one of our actions in a sustainable, open and transparent approach.
“This additional financial capacity provided by the EIB contributes to our Group’s strategic roadmap and will enable us to promote a cloud that respects our European values faster, higher and stronger.”
The firm has also revealed plans to extend its technical capabilities further in the areas of artificial intelligence, security mechanisms, databases and high-intensity calculations.
OVHcloud expects to develop high-density solutions, deploy new generations of server racks, modernise production areas, expand product portfolio, storage offer, and security solutions and integrate new technological building blocks.
EIB vice-president Ambroise Fayolle said: “The cloud is the essential building block for the digitalisation of all aspects of our economic and social lives.
“By contributing to the financing of the most innovative players in Europe, the EIB is fully in line with European policy priorities: increasing our competitiveness and fostering our technological sovereignty.
“This €200m loan to the European leader in the sector is a significant demonstration of Europe’s commitment to placing our digital expertise at the service of our strategic autonomy.”