Jeanette Vitasp, NIB Vice-President and Head of Lending, and Arjen Berends, Executive Vice President and Chief Financial Officer at Wärtsilä, signing the agreement.
13 Sep 2023
NIB funds Wärtsilä’s R&D programme for the decarbonisation of marine and energy sectors
NIB and Finnish technology group Wärtsilä Corporation have signed a ten-year EUR 75 million investment loan for the financing of the company’s research and development (R&D) activities during 2023–2025. These investments are aimed at accelerating the transition towards marine decarbonisation and renewable energy.
Wärtsilä provides innovative technologies and lifecycle solutions for the marine and energy markets. The NIB loan provides long-term financing for Wärtsilä’s R&D investments for the development of marine power supply and renewable energy solutions. The project is eligible to be financed through NIB Environmental Bond proceeds.
Wärtsilä has a strong focus on R&D to accelerate the decarbonisation of the marine and energy industries through innovation, focused investments and collaboration. The R&D activities in the marine business mainly focus on the development of new sustainable fuel solutions for the marine industry. Wärtsilä’s aim is to develop and provide a product portfolio which will be ready for zero carbon fuels by 2030.
In energy business, Wärtsilä’s R&D activities focus on enhancing engines used for standalone flexible peak load solutions that balance intermittent renewable power production. The company also develops a variety of energy solutions that combine engines and energy storage systems with renewable production.
“The decarbonisation transformation of both the marine and energy sectors is clearly accelerating, and this is made possible by new technologies and alternative energy sources. NIB continues to finance Wärtsilä’s R&D activities, supporting the company’s position in driving these transformations with a strong emphasis on sustainable innovation,” says Jeanette Vitasp, NIB Vice-President, Head of Lending.
Wärtsilä has 17,600 professionals in more than 240 locations in 79 countries working with shaping the decarbonisation transformation in the marine and energy sectors across the world. The company aims to become carbon neutral in its own operations by 2030. Wärtsilä is listed on Nasdaq Helsinki.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
For further information, please contact
Liisa Vuorinen, Senior Banker, at +358 10 618 0248, Liisa.Vuorinen@nib.int
Iiris Anttalainen, Communications, at +358 10 618 0258, Iiris.Anttalainen@nib.int