Banque Internationale à Luxembourg SA (BIL) and Paul Wurth Group have partnered up to expand support for the development of industrial technologies, or InduTech, in Luxembourg.
The first bank to do so, BIL is lending its support to the Paul Wurth incubator Paul Wurth InCub, which specialises in supporting InduTech projects. This sector focuses on developing innovative solutions that can be applied to industry, ranging from industry 4.0 — internet of things, big data, cloud services, etc. — to clean tech, which includes water treatment, recovery of industrial and chemical by-products, robotics and natural resource management.
“Supporting the development and diversification of the domestic economy by providing funds for business creators lies at the heart of our work. This is a key component of the innovation ecosystem being developed in Luxembourg”, said Jeffrey Dentzer, head of large corporate and structured finance at BIL.
Pierre-Olivier Rotheval, head of innovation at BIL, added “Joining forces with Paul Wurth InCub to help the InduTech gems of the future emerge is a win/win situation. It’s the national economy as a whole that will benefit”.
The companies say the partnership is the logical result of a common desire to create a context that encourages the development of innovative companies in Luxembourg.
Under the agreement, the bank will supply financing tools, including loans eligible for the InnovFin guarantee, and share expertise for the evaluation of projects.
“A partnership with BIL will allow Paul Wurth InCub to have a local financial player alongside it to help develop our ecosystem. It strengthens our current collaboration and, together, I am sure that we will do our best to promote the development of entrepreneurs in Luxembourg’s industrial sector,” said Sébastien Wiertz, general manager at Paul Wurth InCub.
