Investment Plan for Europe: EIB grants financing to Viking Heat Engines

Met dank overgenomen van Europese Commissie (EC) i, gepubliceerd op donderdag 7 december 2017.

The European Investment Bank (EIB) will provide financing of up to €30 million to Viking Heat Engines (VHEs), a Norwegian green tech company with main operations in Germany. VHEs develops and commercialises technologies that make it possible for industries to turn their waste heat into usable energy. The transaction with Viking Heat Engines was made possible by the support of the European Fund for Strategic Investments (EFSI). EFSI is the central pillar of the Investment Plan for Europe, under which the EIB Group and the European Commission aim to act as strategic partners to boost the competitiveness of the European economy.

Maroš Šefčovič, European Commission Vice-President for the Energy Union, said: "EFSI has already mobilised hundreds of billions of euros, investing in innovative projects and concrete solutions. Viking Heat Engines is a perfect example of a project which is smart, sustainable, profitable, and above all, disruptive: instead of energy going to waste, it turns waste into energy."

Ambroise Fayolle, Vice-President of the EIB responsible for Germany, commented: “Today, more than 50 per cent of the world’s energy generated is wasted as heat*, making this an extremely attractive renewable energy source. The development and dissemination of VHEs’ technology contributes significantly to energy efficiency and the circular economy - two areas, which are of utmost importance for the EU bank. Supporting VHEs is also a perfect demonstration of the real benefits that the EU bank, with the support of the Juncker Plan, can provide to start-ups. Innovative small companies like VHEs are the basis for future growth and jobs in Europe. We, at the EIB, are therefore very keen to accompany these start-ups on their way into industrialization.”

Helge Valeur, COO and CFO at Viking Heat Engines, underlined: “The EU is leaning forward and taking a stance in supporting what may be extremely important technologies for reducing C02 emissions in the future. The fact that EIB is supporting us is a fantastic proof of how far we have come and that we have a promising future ahead.”

Background information

About the EIB

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

About VHEs

Viking Heat Engines is a Norwegian green tech company that delivers innovative solutions to support the world’s transition to a sustainable energy economy. The company was founded in 2009 and currently operates on four continents. VHEs prides itself of being part of the green economy that aims for sustainable development without degrading the environment. Its mission is to make businesses of the future more sustainable, and the world a bit greener for all.

About the Investment Plan for Europe

The Investment Plan for Europe, the Juncker Plan, is one of the EU´s top priorities to boost investments and to create jobs and growth by making smarter use of existing and new financial resources. The EIB Group is playing a vital role in this investment drive. Through guarantees from the European Fund for Strategic Investments (EFSI), the EIB and the EIF are able to take on a higher share of project risk, encouraging private finance providers to participate in the projects. In addition, EFSI is accompanied by a new advisory service, the European Investment Advisory Hub, which enables public and private project operators to structure their investment projects more professionally. The investment offensive also aims to make the regulatory environment in the EU more conducive to investment, especially in the digital, energy and capital market sectors. On 13 September, the European Parliament and Member States came to an agreement in principle on the extension and strengthening of EFSI. This agreement extends EFSI's duration and increases its financial capacity.