OREANDA-NEWS. The European Investment Bank (EIB) will support development of new wireless hearing devices and research into more effective acoustic implants by global leader William Demant Holding A/S through a EUR 110 million loan. The new backing from Europe’s long-term lending institution will help the company to strengthen development of innovative low power radio technology solutions essential for even better devices that can improving the quality of life for millions of hard of hearing people.

New research and development investment William Demant’s is expected to enable around 500 patent applications. The EIB backed investment will be carried by highly skilled specialists in Denmark France and Poland. William Demant’s research activities cooperate closely with universities and research centres across Europe and help to improve understanding of cutting-edge technologies around the world. The new innovation activities will build on the company’s established leadership and use the latest low power radio technologies and highly advanced and effective digital signal processing techniques to develop more effective hearing implants and instruments. This will help the specialised Danish firm to maintain its strong position in a highly competitive market.

Jonathan Taylor, EIB Vice-President responsible for lending in Denmark, stated, “Supporting research, development and innovation across the health sector is a key priority for the European Investment Bank, so we are proud to support William Demant’s development of next generation acoustic hearing devices. By enhancing Europe’s position as a major technology supplier and supporting skilled employment opportunities, this project strengthens Europe`s global competitiveness in a sector area that makes a real difference to the lives of hard of hearing people.”

Niels Jacobsen, President and CEO, William Demant commented, “The EIB loan facilitates our keen effort to make even better use of basic as well as applied research in our endeavour to create cutting-edge solutions within the R&D intensive and highly specialised hearing healthcare industry – an industry still dominated by European players.”

By developing better hearing instruments this project will enable people suffering from hearing disabilities to better participate in social and business life from which they would otherwise be excluded. This will also make life easier by enabling smartphones to control hearing devices. This should contribute to removing the stigma of hearing aids.

Over last 5 years, the EIB provided around EUR 10 billion for health care investment. Europe’s long-term lending institution is committed to promote projects in this area both through supporting the modernisation and development of hospitals and medical centres and through boosting research, development and innovation in medical technology, biotechnology and the pharmaceutical industry. These projects improve health by increasing innovation and delivering better healthcare.