KfW IPEX-Bank is participating with EUR 50 million in the financing of a research project by Tognum AG, one of the leading suppliers of propulsion and power generation systems. The remainder of the EUR 400 million project is financed by Tognum itself and by the European Investment Bank (EIB).
The funds will be used for research and development to improve the fuel efficiency of diesel engines for ships which will reduce carbon dioxide, NOx and fine dust particle emissions. The aim is to enable the new engines to meet the very strict future exhaust emission standards for construction and industrial machines and IMO III standards in marine and offshore industries. The environmental regulations significantly lower the limits for the emission of pollutant particles and exhaust gases.
Under the research project, funds will be invested in the development locations of Friedrichshafen and Stuttgart over a period of four years. The funds will be used in analytical research and the development of the serial production of all relevant engine series of Tognum.
“We are pleased to support our long-standing client Tognum in its forward-looking investment in a highly energy-efficient and modern range of products. Thereby we contribute to preserving and expanding its competitiveness in the world markets for propulsion and power generation systems”, said Markus Scheer, member of the Management Board of KfW IPEX-Bank responsible for the Power and Renewables Division. “Not only do the investments contribute to improving environmental and climate protection, they also safeguard highly skilled jobs in Germany.”
Source: KfW IPEX-Bank, August 9, 2012