Valmet has signed a EUR 175 million loan agreement with the European Investment Bank (EIB). The loan will support Valmet’s Research and Development (R&D) activities to help finance technologies that replace fossil fuels with renewables. The loan agreement is linked to company’s R&D activities in 2023-2026.
The financing aims to enhance the resource and energy efficiency as well as the performance of Valmet’s technology, promote the use of recyclable raw materials and to improve the sustainability of Valmet’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 EUR 95 million in 2022. Valmet has 28 research and developments centers around the world and approximately 1,300 protected inventions.
“The aim of Valmet’s research and development work is to create new technologies, products and services that address customer needs and 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. We’re happy about this loan agreement as it improves Valmet’s readiness to support the green transition in Valmet’s customer industries,” says Janne Pynnönen, Vice President, R&D, Valmet.
The EIB is the long-term lending institution of the European Union and is owned by the EU Member States. The EIB Group has adopted a Climate Bank Roadmap to deliver on its ambitious agenda to support €1 trillion of climate action and environmental sustainability investments in the decade to 2030 and to devote more than half of EIB finance to climate action and environmental sustainability by 2025. As part of the roadmap, all new EIB Group operations have been aligned with the goals and principles of the Paris Agreement since the start of 2021.