EMEA News
Wärtsilä Gets €150 million R&D Loan for Fuel Efficiency, Emissions Reduction
Wärtsilä Corporation (Wärtsilä) says it has received a 10-year, €150 million ($199 million) loan from the European Investment Bank (EIB) to finance research, development, and innovation (RDI) activities with a focus on fuel efficiency and emissions reduction.
The loan will help the company continue its development of engines and power plants that are more efficient, more reliable, and more automated while producing less pollution and requiring less maintenance.
"We are glad to sign this agreement with Wärtsilä, which will bring substantial benefits to the transport and energy sectors in environmental performance and fuel efficiency," said EIB Vice President Jonathan Taylor.
"These are central considerations for the EIB's involvement in RDI projects in the maritime and power generation sectors."
The loan is the fourth RDI funding agreement between the EIB and Wärtsilä since 2003 and is intended to help meet the increasing demand for engines and power plants that meet new emission requirements.
Wärtsilä, which spent €188 million ($250 million) on research and development (R&D) in 2012, has research centers in Finland, Italy, Switzerland, the UK, the Netherlands, Norway, and Spain and employs more than 800 R&D specialists around the world.
One of Wärtsilä's key areas for new technology is dual-fuel engines that can operate on natural gas, which the company said accounted for a significant amount of growth in 2012.
