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FINLAND: EIB Grants EUR 150 Million Loan to Wartsila for R&D Activities
Publish Date : 25-Oct-2011
Wartsila has received EUR 150 million loan from the European Investment Bank (EIB) for financing the research, development and innovation operations of the company in many European nations.
During 2011-2012, the funds will be invested by the company towards research activities for enhancing the engine technology of the company for marine as well as power plant applications. On October 21, 2011, the contract for this 10-year loan was inked in Helsinki, Finland.
Wartsila will mainly stress on the development of efficient engines, which are more reliable, and that bears lower lifecycle costs and improved environmental performance. Wartsila’s research centers for engine technology are based at Finland, Italy, Spain and Switzerland. Wartsila had spent EUR 141 million towards research and development in 2010.
Wilhelm Molterer, EIB Vice President responsible for Finland, present during the signing ceremony said, “We are happy 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 key considerations for the EIB’s involvement in the world maritime equipment, as well as in the power generation sector.”
Research and development activities of Wartsila mainly comprises of 4-stroke engines, 2-stroke engines, propulsion, like propulsion thrusters, fixed and controllable pitch propellers, and gear box systems, seals and bearings, which also includes their integration.
