Wärtsilä strengthens its commitment to decarbonisation with further investment in Soletair Power
Wärtsilä Corporation, Press release, 2 March 2021 at 9:00 AM EET
The technology group Wärtsilä has invested a further EUR 1 million in Soletair Power Oy, a Finnish CO2 direct air capture technology company. This follows Wärtsilä’s original EUR 500,000 investment in Soletair Power made in 2019. Soletair Power has developed a breakthrough solution for capturing the carbon dioxide (CO2) from air in buildings that can be used when creating synthetic renewable fuel. This latest investment enables Soletair Power to further its global sales efforts and to scale up the manufacturing of its CO2 capture solution for building ventilation. The investment enhances Wärtsilä’s position at the forefront of decarbonisation technology, and the capture and utilisation development of CO2. In addition to producing synthetic renewable fuels, the carbon captured from air can be used for various purposes and industry applications, such as in the food industry.
The direct air capture of CO2 is an essential element of the world’s efforts towards decarbonisation. Soletair Power’s technology is the first in the world with building integration, which opens a unique business case with several value streams. Capturing CO2 from in-house air allows occupants to perform better, which is applicable especially in schools and workplaces. The solution also turns buildings into carbon sinks that support cities going carbon neutral. Soletair Power’s technology represents the new era of circular economy in the form of carbon utilisation.
“Wärtsilä and Soletair Power are both committed to creating a sustainable future through technology development. Cooperating with Wärtsilä has been very fruitful and they have supported our development beyond the typical investor role. This latest Wärtsilä investment will play an important role in allowing us to meet the growing demand for cost-efficient and carbon-neutral solutions,” says Petri Laakso, CEO of Soletair Power.
“One of the cornerstones of Wärtsilä’s Smart Energy vision is to collaborate with strategic partners, such as cutting-edge technology companies, research institutes and start-ups, to accelerate innovation and promote the commercialisation of new and exciting solutions. By supporting new businesses that can create a leap forward towards decarbonising our world, we are endorsing the commitment the company has made to sustainability and the transition towards a 100% renewable energy future. Soletair Power has already demonstrated how the captured CO2 can be turned into synthetic renewable fuels, and there are many other interesting applications under development in different industries for its utilisation,” says Matti Rautkivi, Director, New Business at Wärtsilä Energy.
Wärtsilä is a technology leader in the development of systems and solutions that promote decarbonisation in the energy and marine markets. Wärtsilä, together with Soletair Power and Q Power, a Finnish company specialising in synthetic fuel technologies, developed the first demonstration unit producing synthetic methane from captured CO2 in 2020.
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Image: The additional 1 MEUR investment by Wärtsilä enables Soletair Power to further its global sales efforts and to scale up the manufacturing of its CO2 capture solution for building ventilation ©Soletair Power
Wärtsilä Energy in brief
Wärtsilä Energy leads the transition towards a 100% renewable energy future. We help our customers unlock the value of the energy transition by optimising their energy systems and future-proofing their assets. Our offering comprises flexible power plants, energy management systems, and storage, as well as lifecycle services that ensure increased efficiency and guaranteed performance. Wärtsilä has delivered 72 GW of power plant capacity in 180 countries around the world.
Wärtsilä in brief
Wärtsilä is a global leader in smart technologies and complete lifecycle solutions for the marine and energy markets. By emphasising sustainable innovation, total efficiency and data analytics, Wärtsilä maximises the environmental and economic performance of the vessels and power plants of its customers. In 2020, Wärtsilä's net sales totalled EUR 4.6 billion with approximately 18,000 employees. The company has operations in over 200 locations in more than 70 countries around the world. Wärtsilä is listed on Nasdaq Helsinki