NIB funds Volvo Group R&D to improve fuel efficiency
November 28 2012 - 2:20AM
Nordic Investment Bank (NIB) has signed a seven-year-maturity loan
of EUR 100 million with Volvo Treasury AB to finance emission
projects and hybrid technologies.
Volvo Treasury, the in-house bank of Volvo Group,
will provide funding to develop and produce engines that are
compliant with forthcoming European emission regulations. The new
European Union VI emission standard will further reduce output of
hydrocarbons, nitrogen oxides and particulates from diesel
vehicles. The R&D project will also innovate in hybrid energy
technologies, active steering and control systems and fuel economy
technologies.
"The breadth of the automotive sector in Sweden
and Volvo Group's collaboration with local universities increases
the likelihood of positive spill-over effects of skills and
knowledge to peer companies in the Baltic and Nordic region," says
Henrik Normann, NIB's President and CEO.
NIB is a multilateral financial
institution owned by eight member countries: Denmark, Estonia,
Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank
finances private and public projects in and outside the member
countries. NIB has the highest possible credit rating, AAA/Aaa,
with the leading rating agencies Standard & Poor's and
Moody's.
For further information, please contact
Mr Ulf WestergÄrd, Senior Manager, Origination at +358 10 618 0234,
ulf.westergard@nib.int
Mr Arild Moen, Senior Communications Officer, at +358 10 618 0496,
arild.moen@nib.int
This
announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: NIB NORDIC INVESTMENT BANK via Thomson Reuters
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