EU invests €230 million in breakthrough physics research at CERN

On 19 September the European Investment Bank (EIB) and the European Organization for Nuclear Research (CERN) today signed an EU-backed loan agreement worth 250 million Swiss francs (€230 million).

The loan will finance the High Luminosity Large Hadron Collider (HL-LHC) project, the world’s largest and most powerful particle accelerator. It will enable CERN to continue to explore the domain of particle physics, which gives the physicists clues about how the particles interact, and provides insights into the fundamental laws of nature.

Carlos Moedas, European Commissioner for Research, Science and Innovation, said: "This loan under Horizon 2020, the EU's research funding programme, will help keep CERN and Europe at the forefront of particle physics research. It's an example of how EU funding helps extend frontiers of human knowledge."

This deal falls under the InnovFin Large Projects facility, which is part of the new generation of financial instruments developed and supported under Horizon 2020 (IP/14/670). The facility supports loans to large research and innovation projects, including those conducted by large research infrastructures like CERN. This is the second EIB financing for the Geneva based research institute, following a previous loan of €300 million in 2002 to finance the building of the Large Hadron Collider (LHC).

Background

InnovFin Large Projects is part of "InnovFin – EU Finance for Innovators", the new generation of EU financial instruments and advisory services that was developed under Horizon 2020 aims to improve access to risk finance for large research and innovation projects. Loans and guarantees from €25 million to €300 million will be delivered directly by the EIB.

About Horizon 2020

On 1 January 2014, the European Union launched a new research and innovation funding programme called Horizon 2020. Over seven years, about €77 billion is invested in research and innovation projects to support Europe’s economic competitiveness and extend the frontiers of human knowledge. The EU research and innovation budget is focused mainly on improving everyday life in areas like health, the environment, transport, food and energy. Research and innovation partnerships with the pharmaceutical, aerospace, car and electronics industries also encourage private-sector investment in support of future growth and high-skilled job creation.