The European Investment Bank (EIB) and Wärtsilä, a leading Finnish producer of engines for marine and power plant applications, have signed a EUR 125m loan agreement to support the research and development of more environmentally friendly and efficient ship engines and power plants. This fifth loan to support Wärtsilä’s Research, Development and Innovation (RDI) will further solidify the successful cooperation with the EIB, which has resulted in tangible improvements in European engine technology since the first loan was signed in 2003.
The RDI project supported by the EIB loan reflects Wärtsilä’s continued shift towards cleaner technologies and higher levels of automation and digitalisation. It will cover the period of 2017 to 2019 and focus on four-stroke (medium speed) engines for marine and power plant applications. As Wärtsilä closely cooperates with Finnish and European universities and research institutes, the new RDI program will also provide opportunities to these institutions to carry out applied research and serves as a basis for training and recruitment of young engineers.
“Wärtsilä greatly appreciates EIB’s constant support over the years, of which this 5th Research, Development and Innovation loan is a good example. EIB’s long term funding is and has been one of the key enablers for Wärtsilä’s constant focus on research and development,” says Marco Wiren, Executive Vice President and Chief Financial Officer.
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Caption: EIB’s Vice President Alexander Stubb and Wärtsilä’s President Jaakko Eskola at the signing of the new RDI loan.
Media contacts:
Atte Palomäki
Executive Vice President, Communications & Branding
Wärtsilä Corporation
Tel: +358 10 709 5599
atte.palomaki@wartsila.com
About EIB:
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. In 2016 alone, the Bank made available nearly EUR 2.2 billion in loans for Finnish projects.
http://www.eib.org
Wärtsilä in brief:
Wärtsilä is a global leader in advanced technologies and complete lifecycle solutions for the marine and energy markets. By emphasising sustainable innovation and total efficiency, Wärtsilä maximises the environmental and economic performance of the vessels and power plants of its customers. In 2016, Wärtsilä's net sales totalled EUR 4.8 billion with approximately 18,000 employees. The company has operations in over 200 locations in more than 70 countries around the world. Wärtsilä is listed on Nasdaq Helsinki.
www.wartsila.com