EIB lends EUR 7.5 mln to UK firm to develop food waste management solution in RO

The European Investment Bank (EIB) announced that it would extend a EUR 7.5 mln loan to Winnow, a technology company established in the United Kingdom in 2013, which aims to develop in Romania a software and hardware food waste management solution to help restaurants optimize the use of raw materials.

The company will use the financing to develop and introduce software and hardware solutions to help staff in professional kitchens track the amounts and types of food wasted.

The ultimate aim is to provide users with data to manage and prevent food waste.

The loan was extended under the European Fund for Strategic Investments (EFSI) initiative also known as the "Juncker Plan", which consists of EUR 16 billion guarantees from the EU budget plus EUR 5 billion from the EIB’s own capital.

Loans under EFSI are extended under the same procedures used by EIB, but benefit of guarantees from the EU budget.

“This innovative project, the first in Romania under the European Growth Finance Facility (EGFF), backed by the Investment Plan for Europe, will have a significant impact in helping to reduce food waste in commercial kitchens. It fosters research and development in Romania with the benefit of strengthening the competitiveness of the country and generating high-value jobs,” said EIB Vice-President Andrew McDowell.

“By creating job opportunities in the community, we are continuing to build a world class team in Cluj-Napoca to deliver effectively on our roadmap ahead. We are also excited about the future of the tech community in Cluj and being one of the first AI pioneers to receive backing from the European Investment Bank is a true reflection of the hard work of our team here,” added Winnow co-founder Kevin Duffy.

(Photo: Dusan Ondrejicka/EIB)