EIB Backs an €80M Loan for FNM Group's Hydrogen Mobility

The European Investment Bank (EIB) has signed an €80 million financing agreement with Italy’s FNM Group to support the development of hydrogen-powered transport in Lombardy, backed by the EU’s InvestEU program and SACE’s Archimede Guarantee.

€80 Million Financing Supports Hydrogen Mobility

The agreement, signed on September 25, 2026, provides FNM with €80 million for a wider investment program focused on sustainable mobility in Lombardy.

The financing has a 15-year term, with a 36-month availability period and a three-year grace period before amortising repayments begin. SACE's Archimede Guarantee covers 50% of the financing, while the operation is also supported by InvestEU.

The funding is intended to help FNM implement hydrogen-related projects across both rail and road transport.

Hydrogen Trains for Non-Electrified Railways

A major part of the investment involves the acquisition of 14 hydrogen-powered trainsets for passenger services on the non-electrified railway line between Brescia and Edolo.

The hydrogen trains are planned to replace diesel trainsets currently operating on the route. The project also includes related infrastructure work, including platform extensions and electrical installations needed to support the new rolling stock.

The shift from diesel-powered trains to hydrogen-powered rolling stock is intended to reduce emissions from rail services on routes where conventional overhead electrification is not currently available.

Hydrogen Buses Also Included

The program extends beyond railway transport. FNM's hydrogen mobility plans also include the acquisition of approximately 40 hydrogen-powered buses for several routes across Lombardy.

The buses are part of FNM's broader strategy to introduce alternative-fuel vehicles into public transportation and reduce reliance on conventional fossil-fuel-powered fleets.

The combination of hydrogen trains and buses gives the investment a multi-modal focus, covering both regional rail and road-based public transport.

New Hydrogen Refuelling Infrastructure

The EIB-backed program also includes the installation of hydrogen refuelling stations for light- and heavy-duty road vehicles.

The planned stations will be located along major Trans-European Transport Network (TEN-T) motorways in Lombardy and Piedmont. This infrastructure is intended to support the wider adoption of hydrogen-powered road vehicles and improve access to hydrogen refuelling facilities.

Developing refuelling infrastructure alongside hydrogen vehicles is an important component of the program because reliable access to fuel is necessary for regular commercial and public transport operations.

€314 Million Overall Project

The EIB's €80 million financing forms part of a larger project with an estimated total cost of approximately €314 million.

The wider investment combines vehicle procurement with supporting infrastructure, creating an integrated hydrogen mobility program rather than focusing solely on the purchase of individual vehicles.

The EIB project is categorized under transportation and storage and is aimed at supporting the decarbonisation of rail, public transport and road transportation in Lombardy.

Supporting Italy's Transport Decarbonisation

Transport is a significant source of greenhouse gas emissions, and replacing diesel-powered vehicles with lower-emission alternatives is one approach being explored across Europe.

FNM's project is designed to reduce emissions from regional rail and public transportation while supporting the deployment of alternative-fuel infrastructure.

According to the EIB, the project is also expected to contribute to reducing pollution and greenhouse-gas emissions while supporting more sustainable transport in line with European Union objectives.

InvestEU and SACE Support

The financing is supported by two important European and Italian financial mechanisms.

InvestEU provides an EU-level framework designed to mobilise investment in areas such as sustainable infrastructure, energy and innovation. The EIB has identified the FNM project as being aligned with InvestEU objectives related to sustainable transport and alternative fuels.

The transaction is also backed by SACE's Archimede Guarantee, which covers 50% of the financed amount. SACE is Italy's export credit agency and provides financial guarantees and other instruments supporting investment and business development.

Hydrogen Mobility in Lombardy

Lombardy is one of Italy's major economic and industrial regions, with extensive passenger and freight transportation networks.

FNM's investment targets several parts of this transport system. Hydrogen trains are planned for non-electrified railway services, while hydrogen buses will operate on selected public transport routes. Refuelling stations will add infrastructure for road vehicles.

This integrated approach could provide FNM with a broader hydrogen mobility network rather than developing individual projects in isolation.

Safety and Environmental Assessments

The project also involves environmental and technical considerations associated with hydrogen infrastructure.

The EIB's project documentation states that the assessment includes consideration of environmental requirements for hydrogen production, storage and distribution facilities. Compliance with relevant European environmental and industrial-emissions regulations will also be examined as the projects are implemented.

The hydrogen rolling stock will also be assessed against applicable European technical requirements, including standards relating to railway interoperability, noise and accessibility.

A Long-Term Investment in Sustainable Transport

The 15-year financing period gives FNM a long-term funding structure for implementing the hydrogen mobility program. The three-year grace period also provides time for investments and project development before amortising repayments begin.

For FNM, the financing supports the company's strategic investment plans while diversifying its sources of funding and extending the average maturity of its debt.

For the wider transport sector, the project provides an example of how financial institutions can support the deployment of hydrogen technologies across multiple modes of transportation.

Looking Ahead

The next stages will involve procuring hydrogen-powered trains and buses, developing the associated infrastructure and installing hydrogen refuelling facilities.

The successful implementation of the program will depend on the delivery of the vehicles, development of hydrogen supply and refuelling infrastructure, and the integration of the new technology into existing transport operations.

The project will also provide operational experience with hydrogen mobility across both rail and road transport in Italy.

Conclusion

The EIB's €80 million financing for FNM Group marks a significant investment in hydrogen mobility in Lombardy. Supported by InvestEU and SACE's Archimede Guarantee, the financing will contribute to a wider €314 million program covering 14 hydrogen trains, around 40 hydrogen buses and new hydrogen refuelling infrastructure.

The project brings together hydrogen-powered rail and road transport with supporting infrastructure, with the broader objective of reducing emissions and developing more sustainable mobility in northern Italy. As FNM moves forward with the investment, the program will provide a practical test of hydrogen technology across different modes of public and regional transportation.