EIB and Cunext Collaborate to Enhance Circular Economy with €30 Million Investment in Copper Recycling Plant

EIB and Cunext Collaborate to Enhance Circular Economy with €30 Million Investment in Copper Recycling Plant

(IN BRIEF) The European Investment Bank (EIB) and Andalusian company Cunext have partnered on a €30 million loan to build a copper recycling plant in Córdoba, Spain, using advanced electrolysis technology. The facility will produce high-purity copper cathodes from recycled materials, reducing reliance on mining and promoting the EU’s circular economy and sustainability goals. Supported by the InvestEU programme, the project aligns with the EU Circular Economy Action Plan and Spain’s Circular Economy Strategy 2030, while fostering regional economic cohesion by creating jobs. Cunext Chairman Dámaso Quintana highlighted the EIB’s vital role in advancing the project’s sustainability goals.

(PRESS RELEASE) LUXEMBOURG, 3-Dec-2024 — /EuropaWire/ — The European Investment Bank (EIB) has partnered with the Andalusian firm Cunext to advance sustainability and industrial autonomy in Europe. A €30 million loan agreement will fund the development of a cutting-edge plant in Córdoba, Spain, dedicated to producing high-purity copper cathodes from recycled materials using advanced electrolysis technology.

This innovative facility aims to reduce reliance on primary copper sourced from mining operations by refining copper anodes derived from recycled inputs. By integrating recycled materials into the copper value chain, the project reinforces the European Union’s circular economy objectives while addressing environmental and economic sustainability challenges.

The EIB financing, supported by the InvestEU programme, underscores the institution’s commitment to fostering a sustainable transition in key industries. Antonio Lorenzo, Head of the EIB’s Corporate Financing Division for Spain, highlighted the initiative’s importance, stating, “This loan enables the production of strategically significant metals like copper, vital for the EU’s industrial autonomy and economic resilience. By incorporating recycled materials, this investment strengthens the circular economy and makes meaningful progress toward the green transition.”

The project also contributes to regional economic cohesion within the EU, creating jobs and boosting industrial development in Córdoba, a region prioritized under EU cohesion policies. The plant aligns with the European Circular Economy Action Plan and Spain’s Circular Economy Strategy 2030, positioning it as a key element in achieving broader sustainability targets.

Dámaso Quintana, Chairman of the Cunext Group, expressed gratitude for the EIB’s backing, calling it “a decisive step in enhancing the sustainability of our copper operations and ensuring the successful implementation of this transformative project.”

This initiative represents a significant stride toward achieving the EU’s strategic autonomy in raw materials, demonstrating the role of sustainable innovation in securing a greener, more resilient future.

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by the Member States. It finances investments that further EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, consisting of the EIB and the European Investment Fund (EIF), reported total financing signatures in Spain of €11.4 billion in 2023, approximately €6.8 billion of which went to climate action and environmental sustainability projects. Overall, the EIB Group signed €88 billion in new financing in 2023.

InvestEU

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable economy. It also helps mobilise additional investment to back EU policy priorities, such as the European Green Deal, the digital transition and supporting small and medium-sized businesses. InvestEU brings together under one roof the multitude of EU financial instruments helping to make 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. This guarantee will increase their risk-bearing capacity of the financial partners and aims to mobilise at least €372 billion in additional investment.

Cunext

Cunext Group has consolidated its leading position in manufacturing efficient copper and aluminium materials for the transmission of energy, data and signals, with applications in the automotive and railway industry, wind farms, industrial engines, electrical appliances, telecoms and construction.

Headquartered in Córdoba, Spain, it has production plants in Córdoba, Vitoria and Zaragoza, as well as Brescia, Italy, and the United States. It has commercial offices in Barcelona and Madrid. It focuses on sustainability, innovation and the development of high value-added products.

Cunext has shown its resilience and adaptability in a challenging global environment, standing out for its use of recycled materials and clean technologies. Its commitment to social responsibility and professional development reinforces its position as a benchmark in the global metals industry.

Media Contact:

Maite Cordero
m.corderomunoz@eib.org
+34 606 66 82 62

Press Office

press@eib.org
+352 43791

SOURCE: European Investment Bank