EIB and Valmet renew collaboration with EUR 45 million loan for RDI investments
The European Investment Bank (EIB) has announced that it has signed an EUR 45 million loan agreement with Finland-headed energy and forest industry technology major Valmet Oyj to partially finance the company's upcoming research, development and innovation (RDI) investments. The programme covers 2018-2021 and will be carried out in the field of automation systems for application in pulp and paper production lines, as well as bioenergy power plants at Valmet’s RDI centres in Finland.
According to a statement, the EUR 45 million loan will be used by Valmet to partially finance its upcoming RDI programme, aimed at developing cost-efficient solutions to improve the productivity and operational performance of industrial processes including energy and raw material efficiency and to lower customers’ investment and operational costs.
Valmet’s automation business line will carry out most the activities in Finland, safeguarding highly specialised jobs in the country.
Valmet is a good example of Finnish ingenuity and the Bank is proud to support the company in developing more efficient and environmentally friendly solutions for its products. Part of the RDI activities will focus on Internet-of-Things (IoT) applications to allow managing the more efficient running of machines at a distance and I think we can only be proud to support this kind of endeavours, said Alexander Stubb, Vice-President responsible for EIB operations in Northern European countries.
Valmet’s systems and solutions are meant primarily for application to pulp mills, tissue, board and paper production lines, as well as power plants for bioenergy production. Here, the implementation of the RDI programme could mean a more efficient use of valuable natural resources and lower energy use, in-line with European priorities in the field of circular economy.
Promoting a circular economy, where the value of products, materials and resources is maintained in the economy for as long as possible, and the generation of waste is minimised is a key EU policy priority. The EIB together with the European Commission supports the Member States in their transition towards a circular economy by providing finance and advisory services for projects.
During the last five years, the EIB has co-financed projects worth EUR 2.4 billion with a positive impact on sustainable and economic growth, competitiveness and employment.