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Finland : European Investment Bank and Wartsila sign a EUR 125 million Research, Development and Innovation loan
Publish Date : 08-Dec-2017
The European Investment Bank (EIB) and Wartsila, 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 Wartsila'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 Wrtsils 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 Wrtsil 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.
Wartsila greatly appreciates EIBs constant support over the years, of which this 5th Research, Development and Innovation loan is a good example. EIBs long term funding is and has been one of the key enablers for Wartsila's constant focus on research and development, says Marco Wiren, Executive Vice President and Chief Financial Officer.
