Valmet has signed a €175 million loan agreement with the European Investment Bank. The loan will support the company’s Research and Development activities, to help finance technologies that replace fossil fuels with renewables, and is linked to its R&D activities from 2023 to 2026.
The financing aims to enhance the resource and energy efficiency of Valmet’stechnology as well as its performance, promote the use of recyclable raw materials and improve the sustainability of the company’s operations. The financing is part of the EIB’s dedicated package of support to REPowerEU – the EU plan to eliminate dependence on fossil fuel imports.
Valmet’s R&D spending was €95 million in 2022. It has 28 research and developments centres around the world and approximately 1300 protected inventions.
"The aim of Valmet's research and development work is to create new technologies, products and services that … help respond to some of the most important global megatrends: enhancing the efficiency of raw materials, water and energy, promoting the use of renewable raw materials and reducing emissions” commented JannePynnönen, Valmet VP for R&D.
The loan announcement follows hard on the heels of a significant order for Valmet, the delivery of its DNA automation system for Finland’s first synchronous condenser plant, being installed to provide balancing services for the main grid. It is to beimplemented as a turnkey project by Destia at Fingrid’s Jylkkä substation in Kalajoki, Finland. The value of the order has not been disclosed. The new system will be taken over by the operator in March 2025.
Tom Bäckman, sales manager, Automation Systems business line, Valmet, commented: “This delivery is significant for Valmet, and an important reference for similar plants in the future … [the] automation system will be used for monitoring and controlling operations at the Jylkkä substation”.