Finland’s Wärtsilä Secures Loan for R&D Activities
Wärtsilä Corporation and Nordic Investment Bank have signed a loan agreement totalling EUR 50 million for research and development financing. The contract for this 10-year loan was signed in Helsinki, Finland on 13 February 2013.
This R&D loan supports Wärtsilä’s long-term strategy of strengthening its technology leadership position in the global marine and energy markets. With this loan, Wärtsilä will further develop its medium-speed engine technology in terms of efficiency, reliability and environmental performance, as well as in reducing lifecycle costs.
Wärtsilä’s R&D activities continue to be given a high profile. Since 2009 Wärtsilä has increased its R&D related expenditures by more than 30 per cent. The R&D related expenditure in 2012 was at a high level of EUR 188 million, which represents four per cent of the company’s net sales.
The key areas of Wärtsilä’s research and development operations are 4-stroke engines, 2-stroke engines, propulsion, as well as emissions abatement and energy efficiency products. Wärtsilä has today the widest portfolio of exhaust gas cleaning systems for the removal of sulfur oxides. The portfolio consists of open-loop, closed-loop and hybrid exhaust gas cleaning systems. The AQUARIUS UV ballast water management system has received type approval at the end of December 2012. Wärtsilä is a pioneer in developing dual-fuel technology for 2- and 4-stroke engines. Testing during 2012 confirmed that Wärtsilä’s 2-stroke dual-fuel engine technology is progressing as planned, and this new technology will meet IMO tier III emission requirements without exhaust gas treatment systems. Wärtsilä’s research centers for engine technology are located in Finland, Italy, Spain and Switzerland.
Press Release, February 13, 2013