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The European Investment Bank (EIB) has approved a €17 million loan to Swappie, Europe’s largest iPhone refurbisher. This funding aims to enhance the quality and efficiency of smartphone refurbishing, extending device lifespans, reducing electronic waste, and enabling more consumers to lower their carbon footprints.

The loan, guaranteed by the InvestEU program, underscores EIB’s commitment to promoting the circular economy and supporting the European Green Deal.

The InvestEU program targets €372 billion in additional investments from 2021 to 2027, focusing on green transition, competitiveness, innovation, and sustainable infrastructure.

Swappie’s CEO expressed gratitude for the support, highlighting that the five-year loan will be used to invest in research, development, and robotics. These advancements will improve Swappie’s refurbishing capabilities, enabling faster and more reliable iPhone repairs. The company will also expand its product range to a broader international audience.

Swappie, which raised €208 million in sales in 2022 and employs over 800 people, aims to make high-quality refurbished iPhones accessible and affordable. The environmental benefits are significant: a refurbished smartphone has an 80% smaller carbon footprint compared to a new device, and extending a phone’s use by one year can reduce its lifecycle carbon emissions by a third.

Thomas Östros, Vice-President of EIB, praised Swappie’s efforts, stating, “Swappie exemplifies how reducing waste and extending the lifespan of devices can lower costs and benefit the environment. We are proud to support their mission of offering smarter and more affordable alternatives while minimizing the impact on our planet.”

Lauri Lipsanen, CFO of Swappie, also commented on the collaboration, saying, “This loan from the EIB is a significant milestone for us. It supports our mission to promote sustainable electronics consumption by improving our refurbishing processes and extending the life of iPhones. This funding is a crucial step towards offering high-quality, affordable refurbished devices to a growing number of customers and contributing to a greener and more sustainable future.”

Swappie currently operates in multiple European countries, including Finland, Sweden, Italy, and Germany, and has raised a total of €149 million from investors since its founding in 2018.

For more information, visit Swappie.

About the European Investment Bank (EIB)

The EIB is the long-term lending institution of the European Union, owned by its member states. It finances sound investments that contribute to EU policy objectives, enhancing competitiveness, innovation, and sustainable development. In 2023, the EIB Group signed new financing agreements worth €88 billion for over 900 projects, supporting approximately 400,000 businesses and 5.4 million jobs.

All EIB Group projects align with the Paris Climate Agreement, and the bank does not fund investments in fossil fuels. The EIB is on track to meet its goal of €1 trillion in climate and environmental investments by 2030, with over half of its annual financing supporting projects directly combating climate change and promoting a healthier environment.

In 2023, the EIB committed nearly €1 billion to new projects in Finland, funding large corporations’ R&D, industrial investments, energy-efficient buildings, educational infrastructure, and support for small businesses. This financing supports a total investment of nearly €4.4 billion, contributing to the country’s economic growth and sustainability.

For more information, visit European Investment Bank.

HT

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