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Viking Heat Engines to receive a EUR 30m loan from the EU

Viking Heat Engines will receive a EUR 30-million loan from the European Investment Bank (EIB) to develop and commercialise its technologies that are making it possible for industries to turn their waste heat into usable energy.

EIB, the world’s biggest lender, has made climate action one of its top priorities and today it is one of the largest multilateral providers of climate finance worldwide. Over the next five years, the bank has committed USD 100 billion towards climate-related projects, and a small portion of this funding has now been allocated to Viking Heat Engines to support the development of its two main products – the CraftEngine and HeatBooster.

“The EU is leaning forward and taking a stance in supporting what may be extremely important technologies for reducing C02 emissions in the future,” says Helge Valeur, COO and CFO at Viking Heat Engines. “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.”

Waste heat - an untapped energy source

More than 50 per cent of all the energy generated in the world today is wasted as heat*, making this an extremely attractive renewable energy source. Viking’s CraftEngine and HeatBooster take this excess heat and turn it into electricity and high-temperature heat, respectively.

More specifically, the CraftEngine, developed with the world’s largest engine design company AVL, is a piston engine that can turn waste heat into electricity. This versatile engine can literally be installed anywhere in the world where’s there’s waste heat, even in off-grid areas. That said, Viking has decided to focus on the sectors where it can make the biggest impact. Among them is the marine sector where shipping companies emit far too much CO2 when they instead could turn much of their waste heat into energy to operate their fleet, drastically reducing their energy costs and emissions.

The HeatBooster, a high-temperature heat pump, has similar qualities to the CraftEngine in that it turns waste heat into valuable energy. It is one of the few industrial heat pumps in the world that can reach temperatures above 160 degrees, removing the need for oil and gas boilers used in industrial processes today.  

"Smart and disruptive" technologies

Ambroise Fayolle, Vice-President of the EIB responsible for Germany, commented on the financing stressing the importance of Viking’s technology to Europe and the world at large: “The development and dissemination of Viking Heat Engines’ technology contributes significantly to energy efficiency and the circular economy – two areas, which are of utmost importance for the EU bank.

“Supporting Viking 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 Viking 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,” he added.

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."

*Lawrence Livermore National Laboratory and the US Department of Energy

To read EIB's press release, click here.

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 Viking Heat Engines

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. Viking 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.

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