Technically correct, though he is directly benefiting from EU funding. Or was.

In the EU industry PhDs are fairly common. In this case, the PhD student does R&D work for a company, and gets paid through an EU PhD grant.

For some companies, it's an indirect way to get funding, because it provides for cheaper highly skilled labour.

(Anecdote incoming) For example, many years ago at the end of my industry internship, the company offered to continue the project as a PhD, pursuant grant funding. When I declined, they offered a well paid full-time job to do the same.