Noerr has advised the European Investment Bank on financing provided to the Hungarian automotive technology company Almotive.
Almotive is receiving a venture debt credit of EUR 20 million, which is secured via the European investment fund EFSI. Noerr reports that the funds will be used for research and further development of the Almotive’s innovative artificial intelligence-based system for self-driving cars. According to the firm, "Almotive aims to become a leading software and services provider in the global development of self-driving technologies. Besides modular AI software for autonomous driving, Almotive also has virtual simulation environments for accelerating tests and validating self-driving systems, as well as a powerful IP core optimized for AI computing. Customers include OEMs, tier 1 suppliers, and providers of mobility services."
The Noerr team was led by Frankfurt-based Partner Tom Beckerhoff and Associated Partner Michael Schuhmacher, and included Dresden-based Partner Sebastian Voigt and Associate Dominik Pokora, as well as Budapest-based Associated Partner Edina Schweizer.
Noerr informed CEE Legal Matters that it was unable to disclose further information on the deal.