The European Investment Bank (EIB) and Finnish marine technology company Wärtsilä have signed a EUR 125 million loan agreement, focused on the research and development of more environmentally-friendly and efficient ship engines and power plants.
This fifth loan to support Wärtsilä’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 will cover the period of 2017-2019 and will focus on four-stroke (medium speed) engines for marine and power plant applications.
As the company 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 is expected to serve as a basis for training and recruitment of young engineers.
“Wärtsilä greatly appreciates EIB’s constant support over the years, of which this 5th Research, Development and Innovation loan is a good example. EIB’s long term funding is and has been one of the key enablers for Wärtsilä’s constant focus on research and development,” says Marco Wiren, Executive Vice President and Chief Financial Officer.