Wärtsilä Gets Fourth R&D European Investment Bank Loan

Press Release
Thursday, June 13, 2013

The European Investment Bank (EIB) has granted a EUR 150 million loan to Wärtsilä to finance the company's research, development and innovation (RDI) activities in several European countries.

The contract for the 10-year loan was signed in Helsinki, Finland on 13 June 2013, and marks a continuation of the longstanding and strong co-operation between the European Investment Bank and Wärtsilä. With the loan Wärtsilä will continue to develop engines and power plants that are cleaner, more efficient, more reliable and with higher levels of automation, lower lifecycle costs, as well as with improved environmental performance. New maritime emission requirements are expected to increase the demand for more environmentally sound engines and a similar trend is evident in land-based power plants.

In Europe, Wärtsilä has research centers in Finland, Italy, Switzerland, the UK, the Netherlands, Norway, and Spain. In 2012, Wärtsilä's total expenditure in research and development was EUR 188 million, which represents four per cent of the company's net sales. Wärtsilä's R&D activities employ more than 800 specialists globally.
 
The key areas of Wärtsilä's research and development operations are 4-stroke engines, 2-stroke engines, propulsion, gear box systems, seals and bearings, and their integration. In addition, Wärtsilä has been a pioneer in introducing dual-fuel technology for 2- and 4-stroke engines and during recent years has launched a series of gas engines, which offer outstanding fuel flexibility. Furthermore, environmental and flow & gas technologies are becoming increasingly important areas for research and development.

"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. These are central considerations for the EIB's involvement in RDI projects in the maritime and power generation sectors," says Jonathan Taylor, EIB Vice-President.




 

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

Woodside to Pick up Moroccan Acreage

Woodside advises that it has entered into a contract for an exclusive Reconnaissance Licence (RL) with the Office National des Hydrocarbures et des Mines, the

Zargon Oil & Gas Sells Hamilton Lake Assets

Zargon Oil & Gas Ltd. announces that it has entered into a definitive purchase and sale agreement to sell its Hamilton Lake property for $25 million. Property

Strategy Can Maximize UKCS potential

Companies operating in the North Sea require a cultural shift to make the most of the its potential, according to a new report from Deloitte, the business advisory firm.

Finance

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

EU: Ships Will Measure CO2 Emissions

Shippers to begin monitoring from 2018; Environmental groups say law is weak, shippers favorable. The shipping sector will for the first time have to monitor

Marine Power

Seacor Takes Delivery of 10,800 HP Crewboat

Seacor Marine is building ever larger and more powerful mono-hull crew/supply boats. The first of these to be delivered is the 202x34-foot Alex F. McCall with some very impressive statistics.

MSC Approves SOLAS Amendments

SOLAS amendments to make IGF Code mandatory approved by Maritime Safety Committee   The International Maritime Organization’s (IMO) Maritime Safety Committee (MSC),

A Classic Repower

The tug Falcon was built by Modern Marine Inc. in 1978. In the intervening years, companies that employed her have changed hands a number of times until 2013 when Vane Line Bunkering of Baltimore,

 
 
Maritime Security Naval Architecture Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1953 sec (5 req/sec)