Neste Oil secures funding for R&D on renewable raw materials from the Nordic Investment Bank
Neste Oil Corporation
Press release
28 March 2011 at 3 pm (EET)
Neste Oil secures funding for R&D on renewable raw materials from the Nordic Investment Bank
Neste Oil and the Nordic Investment Bank (NIB) have agreed a 50 million loan to fund further research on extending the range of raw materials used for producing Neste Oil's renewable diesel. Expanding the company's feedstock base is an important strategic goal for Neste Oil.
"The loan underlines our commitment to research on renewable raw materials," says Neste Oil's Senior Vice President, Technology and Strategy, Lars Peter Lindfors. "The additional funding that it will provide will secure the continuation of our cutting-edge R&D work and the future development of our NExBTL renewable diesel technology."
The loan will be used to fund existing research programs and Neste Oil's research infrastructure and will not increase Neste Oil's annual R&D expenditure. Neste Oil has invested around 40 million annually in R&D in recent years, of which around 80% has gone on research into renewable raw materials and technology for refining these inputs.
Neste Oil's R&D focus is primarily on nonfood materials and inputs that can help reduce the amount of land used for energy purposes and ensure a significant reduction in greenhouse gas emissions. Good progress has recently been made in research into microbial and algae oil and the use of wood-based biomass.
Neste Oil's NExBTL technology can make use of virtually any vegetable oil or animal fat to produce premium-quality renewable diesel. NExBTL renewable diesel produced from all the raw materials currently used by Neste Oil offers over 50% lower greenhouse gas emissions compared to fossil diesel. This figure covers the product's entire life cycle from raw material production to end-use.
Neste Oil Corporation
Hanna Maula
Director, Corporate Communications
For further information:
Lars Peter Lindfors, Senior Vice President, Technology & Strategy, tel. +358 50 458 3605
Mika Rydman, Vice President and Group Treasurer, tel. +358 10 458 4710
Neste Oil in brief
Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company produces a comprehensive range of major petroleum products and is the world's leading supplier of renewable diesel. The company had net sales of EUR 11.9 billion in 2010 and employs around 5,000 people. Neste Oil's share is listed on the NASDAQ OMX Helsinki.
Neste Oil has been selected into the Dow Jones Sustainability World Index and is also featured in the Ethibel Pioneer Investment Register. The company is included in The Global 100 list of the world's most sustainable corporations. Forest Footprint Disclosure (FFD) has ranked Neste Oil as the best performer in the oil & gas sector. Further information: www.nesteoil.com.