More environmentally friendly engines for ships and locomotives: KfW IPEX-Bank finances Tognum AG research project
Frankfurt am Main (ots)
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, locomotives and land vehicles and, thus, to 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 (USA: EPA Tier 4; Europe: EU stage IV) 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."
About KfW IPEX-Bank GmbH
KfW IPEX-Bank is responsible for international project and export finance within KfW Bankengruppe. Its function of providing financing to support the German and European economy is derived from the legal mandate of KfW Bankengruppe. Its prime focus is on medium- and long-term lending to support the export economy and develop economic and social infrastructure, and for environmental and climate protection projects. It operates as a legally independent group subsidiary and contributes significantly to the promotional mission of KfW Bankengruppe. It has 531 employees (as of 31 December 2011) and is represented in the key economic and financial centres around the globe.
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Pressestelle: E-Mail: axel.breitbach@kfw.de
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