Sidenor received $3.87 million from Perth related to electric vehicle | Companies

The Minister of Industry and Tourism, Jordi Hereu, announced this Thursday the approval of a number of proposals from companies that have received a positive decision and that can now benefit from the facilities of line B of the Perte VEC II, which is linked to the industry related to the electric vehicle. They involve certification of 21.84 million different companies for loans and subsidies.

Steel company Sidenor, led by Jose Antonio Hainaga and deriving 70% of its revenue from the auto sector, raised $3.87 million through the program. The specialty steel manufacturer, which negotiated its entry into Talgo’s capital, filed a number of charges that were accepted and for which it is entitled to $3.87 million.

Perte VEC II’s final solutions also benefited US automotive component supplier Borgwarner. From the Vigo plant, after his own accusations, he will receive 22.15 million. The North American multinational has a plan to increase its workforce in its Galician hub.

Other companies receiving support from Perte VEC II were Tekinatest (1.79 million), NTDD (2.28 million) and Lizarte (157,560 euros). Likewise, the list of beneficiaries includes Pomceg (287,557 euros), Next Mobility Solutions (1.44 million) and Rieju (12.74 million). The companies Masats (1.86 million), Mol Matric (about half a million euros) and Montajes del Ebro Alegre Melero (778 thousand euros) will also receive contributions.

Hereu announced this funding in his speech at the General Assembly of the Business Federation of the Chemical Industry (Feique). The Minister confirmed that the purpose of the above-mentioned program is to promote investment in the value chain of electric vehicles and connected cars. Hereu believes chemical companies have a “relevant role to play” in the transition to a green and digital economy. One of the government’s priorities for this term is to “have a strong industrial base” in addition to “guaranteeing competitive energy prices.”

In this regard, the Minister of Industry and Tourism recalled assistance to chemical sector groups such as Fertiberia, which received more than 63 million people, or Solvay (support of more than 30 million people). Both points relate to the decarbonization of Perth. Globally, Pertes, associated with the chemical industry, has completed 46 projects, receiving approximately $160 million. This sector consists of more than 3,000 companies in Spain.