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.
Together with the Latvian Ministry of Economy, in mid-March Altum launched a EUR 200m Covid-19 Working Capital Loan Programme, a support mechanism for Latvian businesses impacted by the Covid-19 crisis. To expand the capabilities of this programme to safeguard Latvian businesses and jobs, in July the European Investment Bank lent ALTUM €80 million in Covid-related financing. The Government of the Republic of Latvia provided additional €50 million. So far, the European financing has helped ALTUM to support 475 Latvian companies, thus making sure that more than 1580 people’s jobs were safeguarded.
The EIB is joining forces with the Instituto de Crédito Oficial (ICO) and PSA Financial Services Spain, E.F.C., S.A. (PSA Finance) to support Spanish small and medium-sized enterprises (SMEs) and mid-caps affected by the coronavirus crisis. To this end, the EIB and ICO will subscribe several tranches of a securitisation of a loan portfolio originated by PSA Finance, a joint venture between Banque PSA Finance (50%) and Santander Consumer Finance (SCF) (50%) focused on vehicle financing. The EU bank will provide €250 million while ICO will contribute €100 million.
The Italian Ministry of Defence has now joined the list of beneficiaries of the EU bank’s financing. This innovative EU financing operation totalling €220 million was signed between the EIB, the Ministry of Economy and Finance (MEF) and the Ministry of Defence to support the construction of three navy vessels, which will be used by the Italian Navy’s Hydrographic Institute (IIM) based in Genoa.