Wartsila gets €150m R&D loan from European Investment Bank

The European Investment Bank has granted a €150m loan to Finnish engineering company Wartsila to finance the company’s research, development and innovation activities (RDI) in Europe regarding lowering emissions from power plants.

Jonathan Taylor, the bank’s vice-president, said the loan would “bring substantial benefits to the energy sector”, which he said was a “central consideration for the EIB’s involvement in RDI projects”.

The loan is the fourth the bank has awarded to Wartsila, the first being in 2003.

Raimo Lind, Wartsila’s senior executive vice-president, said the loan was “an important building block in the long-term funding of investments in research and development work”.

Wartsila has research centres in Finland, Italy, Switzerland, the UK, the Netherlands, Norway, and Spain. In 2012, the company’s total R&D expenditure was €188m, which represents four per cent of the company’s net sales.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...