This reindustrialization of old factories is linked to Nissan’s rescue of a waning project in Barcelona’s Free Zone. The D-Hubled initiative, led by Joan Orús, aimed to assemble electric pickup trucks in the zone and eventually secured minimum guarantees to enter the automotive sector, along with European funding for the enterprise. At 23:55, the last bank guarantees, totaling 100,000 TL, were notarized. The package included 48 million in documentation for the component, enabling access to 53 million euros in public support from NextGenerationEU funds.
The banking negotiations salvaged the reindustrialization effort, but the outcome fell short of supporters’ initial ambitions. D-Hub’s chief executive faced a reported payout of 48 million euros in an early estimate, later revised to just over 70 million. That shortfall compelled a downsizing of the project in the Free Zone and a pivot to recruit another partner for the car program. D-Hub stated that these guarantees secure the center’s progress and the launch of electric vehicle projects, including tractors.
Initially, D-Hub applied to participate in PERTE for the automotive sector, evaluating options until the final moment. Orús’s plan encountered a setback when the Ministry of Industry rejected the Generalitat de Catalunya’s €40 million guarantee via the Institut Català de Finances (ICF), to avoid an illegality arising from double public support since the ICF has no banking track record. In response, the ministry offered seven additional business days to secure new guarantees.
Then Orús, backed by the Ministry of Industry and the Generalitat, both signaling guaranteed reindustrialization, mobilized private banks for support. The primary guarantor included Andorra, followed by Caixabank, Approval, Abanca, and Sabadell. The remainder, up to about 48 million euros, came from private individuals, bringing the total close to 70 million euros. This amount would allow D-Hub to broaden the direct subsidies needed to obtain all PERTE assistance.
Banks like Santander and Bankinter swung to a negative position at the last moment. A central challenge is that European funds are not guaranteed by banks, complicating the risk assessment for D-Hub. In this context, a consortium of consulting firms, including QEV and B-Tech, had billed 12.9 million euros in 2019 and now, with partners, plan to invest 305 million euros in projects directly tied to the car program.
Dimensions at risk
Reduced European funding could force D-Hub to shrink its investment plan and slow the opening of new plants. Orús’s team plans to assemble the Zeroid electric pickup in the Free Zone and to manage the entire production flow, which means replacing a paint facility that falls short of EU environmental sustainability criteria. A breach of warranties could delay facility renovations, require rescheduling if the project misses its second call, or necessitate reallocating funds from other sources within D-Hub’s network in Zona Franca Good Man.
These investments were designed to create thousands of jobs. Initially, D-Hub projected nearly 1,000 positions within three years. The final outcome depends on Orús’s alignment with other automotive participants, including Applus+ Laboratories, Biofreshtech, Cellnex Telecom, Hub Tech Factory, ePowerlabs, Limpieza Nervión, Lunagua, Millor Battery, Nogebus, Nutai, Power Electronics, Relats, S2 Grupo, Tradebe, Wallbox, and Zeleros.