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

Technology

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

3D Scanning Speeds Up Drag Boat Racing

NVision, Inc., a company in 3D laser scanning and reverse engineering for over 24 years, said it was able to help a motorsports boat designer optimize the design

Webinar: 3D Laser Scanning in the Marine Industry

Maritime industry professionals have increasingly taken notice of 3D laser scanning in recent years as acceptance for the technology and its applications mounts throughout the sector.

Finance

NRC Program Targets Vessel Operating Costs, Safety

Canada’s NRC creating solutions for the growing Canadian shipbuilding, military vessels, marine commercial transportation and offshore resource industries As

Senator Says 2015 Could Be Time for US Oil Export Bill

The top supporter in the U.S. Congress for reversing the 40-year ban on crude oil exports, Senator Lisa Murkowski from Alaska, said next year could be the time for a bill on lifting the restriction.

Global Ship Lease to Acquire Containership

Global Ship Lease, Inc. has  announced  that it has agreed to acquire a 8,063 TEU containership from a leading container liner company for a purchase price of $55 million.

Marine Power

3D Scanning Speeds Up Drag Boat Racing

NVision, Inc., a company in 3D laser scanning and reverse engineering for over 24 years, said it was able to help a motorsports boat designer optimize the design

World’s Largest Fast Crew Boat Christened at Incat

The 70-meter Fast Crew Boat (FCB) was christened Muslim Magomayev at a ceremony at the Incat shipyard on Monday, September 15. This is the first vessel that

Ship Safety: IMO Committee Agree Draft IGF Code

IMO informs that the draft International Code of Safety for Ships using Gases or other Low flashpoint Fuels (IGF Code), along with proposed amendments to make the Code mandatory under SOLAS,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Sonar
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: 0.1240 sec (8 req/sec)