Ottobock Secures Funding for O&P, Mobility Product Development
January 07, 2020
Ottobock, Duderstadt, Germany, has secured up to €100 million (about $111.4 million USD) from the European Investment Bank (EIB) in an effort to drive future product research and development.
Ottobock says it will use the financing to develop new products and product improvements, with a focus on O&P and human mobility. Funds from the EIB, which came in December 2019, will be provided under the European Commission's Investment Plan for Europe.
"We are delighted that EIB is supporting us in financing R&D alongside long-standing international partners on the private bank side. Our aim is to make devices in O&P and wheelchairs even easier and more intuitive to use," said Jörg Wahlers, Ottobock's chief financial officer.