Cimco has patented a family of diesel engines designed to supplant the currently used petrol outboard engines. The test results of the engines in terms of performance, fuel efficiency, and emissions, make it a viable alternative for heavy-duty marine applications, such as polar cruises, water taxis, coast guards and rescue police.
In the marine industry, the use of diesel allows for better performance, range and fuel safety. Contrary to engines for cars, marine outboard petrol engines lack the stringent environmental regulations that apply to automotive diesel vehicles, thus creating a lack of incentive for investing in R&D for cleaner technologies. This has led to a mainstream use of highly polluting petrol outboard engines with old and inefficient technology. Cimco’s diesel engines have reached up to 42% more fuel efficiency, as well as significantly lower emissions in a test setting.
The OXE Diesel consumes 40% less (diesel) fuel than the petrol alternative. It also contributes significantly to reduced environmental impact through its emissions. Carbon dioxide is reduced by over 35%, carbon monoxide by over 99% and hydrocarbons and nitrogen oxide emissions are reduced by over 68%. European Commissioner Arias Cañete, responsible for Climate Action and Energy, said “The EU is determined to deliver on its commitments to reduce greenhouse gas emissions, and we are working with Member States on their plans to become carbon-neutral by 2050. Cimco’s outboard engine project drastically reduces emissions, while enabling the coast guard and rescue police who use the heavy-duty engines to continue carrying out their work at sea.”
“I am extremely pleased to have EIB as our funding partner. The loan will support us in meeting our growth ambitions, through investment in working capital needs, expanding production capacity and increasing our sales and marketing initiatives. Additionally, the company will use the funds to develop its product range whilst improving its efficiency, thereby lowering emission further, as well as reducing other pollutants. Our overarching goal is to continue improving the design of our belt propulsor concept with the aim of significantly reducing the carbon footprint in the high powered outboard marine segment” said Myron Mahendra, CEO of Cimco.
The EIB is investing €20 million in the Portuguese software company Bizay to finance the implementation of its research and development (R&D) programme and product development roadmap. One of Bizay’s main focuses will be its tech-based B2B marketplace for customised products targeted at small and medium-sized enterprises (SMEs), such as retail stores, restaurants, hotels and small corporates. This financing will also promote job creation in Portugal, a fundamental aspect for the European Union’s post-COVID-19 economic recovery. The agreement was announced today at Web Summit by EIB Vice-President Ricardo Mourinho Félix and Bizay CGO José Salgado.
The EIB will provide a €10 million financing to support the R&D strategy of the Spanish scale-up Worldsensing, a widely recognised Internet of Things (IoT) pioneer that focuses on designing IoT solutions for monitoring sensors and operates in more than 60 countries. The EIB long-term and advantageous financing of Worldsensing will support the company's innovation efforts aimed at increasing its production capabilities, developing a portfolio of new products and at enhancing the company’s commercial and distribution network. The agreement was announced today at Web Summit by EIB Vice-President Ricardo Mourinho Félix and Worldsensing CFO David Deprez.
Today at Web Summit 2020, the EIB and Spire Global, a company with the world’s largest multi-purpose constellation of satellites announced a venture debt financing agreement of up to €20 million. The financing will back capital expenditure and research and development (R&D) activities to further develop Spire’s constellation of small satellites and high-quality maritime, aviation and weather space data and analytics. It will also back the development of new software applications for customers and create high-skilled jobs in Luxembourg. The transaction follows the EIB’s commitment to strengthen support for European space start-ups and cooperate with space agencies such as the European Space Agency (ESA). It is backed by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.