Valmet Oyj's press release on September 27, 2023 at 3:00 p.m. EEST
ESPOO, Finland, Sept. 27, 2023 /PRNewswire/ -- 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.
About the European Investment Bank
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.
VALMET
Corporate Communications
For further information, please contact:
Reetta Antila, Vice President, Treasury, Valmet, tel. +358 50 599 3114
Valmet is a leading global developer and supplier of process technologies, automation and services for the pulp, paper and energy industries. With our automation systems and flow control solutions we serve an even wider base of process industries. Our 17,500 professionals around the world work close to our customers and are committed to moving our customers' performance forward - every day.
The company has over 220 years of industrial history and a strong track record in continuous improvement and renewal. In 2022, a major milestone was achieved when the flow control company Neles was merged into Valmet. Valmet's net sales in 2022 were approximately EUR 5.1 billion.
Valmet's shares are listed on the Nasdaq Helsinki and the head office is in Espoo, Finland.
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