A new loan from the European Investment Bank (EIB) to GN Store Nord’s hearing devices unit GN Resound will go toward the development of a next generation of wireless hearing devices as well as fitting software and diagnostics equipment, the EIB said in a press release Tuesday.

“Supporting research, development and innovation across the health sector is a key priority for the European Investment Bank, so we are proud to support GN Store Nord’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 an area that makes a real difference to the lives of hard-of-hearing people,” says Jan Vapaavuori, EIB Vice-President responsible for operations in Denmark.

Advancing “the brain”

The loan, which totals EUR 75 million, will be used on a project focusing development of the next generation silicon chipsets – the “brain” and the core technology platform of a modern digital hearing aid. Included in this development are several features which will further increase convenience and usability for the users of GN’s advanced wireless hearing aids. The project also comprises further development of the equipment and software that audiologists use to properly match hearing aids to users’ specific needs.

“Our quest is to make life sound better for hearing aid users. Our Smart Hearing solution already comprises top-rated sound quality and technology that adapts to people’s lives and true needs. We want to continue down this innovation path to give hearing aid users even better control of their hearing and to add further benefits to allow users to connect, interact and engage like everyone else. The loan from the EIB enables us to do this so that we can further minimize the impact on people of having hearing loss,” says Anders Boyer, CFO of GN Store Nord.

It is not the first time that the EIB offers a loan in support of the development of hearing devices. Last year, GN’s domestic rival William Demant secured a loan of EUR 110 million for the development of new wireless hearing devices and acoustic implants.

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- translated by Martin Havtorn Petersen

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