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October 25, 2011

Wärtsilä secures EIB loan for marine engine development

Finland's Wärtsilä has secured a €150m loan from the European Investment Bank (EIB) to finance the company’s research and development of engine technology for both marine and power plant applications.

Finland’s Wärtsilä has secured a €150m loan from the European Investment Bank (EIB) to finance the research and development of engine technology for both marine and power plant applications.

The new investment will help Wärtsilä focus on developing engines that will be more efficient, more reliable and with lower lifecycle costs and improved environmental performance, the company said.

The company said that the ten-year loan facility would be invested at its research centres in Finland, Italy, Spain and Switzerland throughout 2011-12 .

The research activities are aimed to develop the company’s engine technology for both marine and power plant applications, with particular focus on four-stroke systems.

The Finnish firm’s key areas of R&D operations are four-stroke engines, two-stroke engines and propulsion, which includes propulsion thrusters, fixed and controllable pitch propellers.

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