Cooperation Agreement Renewable Energy

Caption: Jaakko Eskola, President and CEO of Wärtsilä, and Ilkka Herlin, Chairman of the Executive Board of Q Power, signed a cooperation agreement on 24 September to accelerate the development and commercialization of renewable fuels. Technology group Wärtsilä and Q Power Oy, a Finnish pioneer in biomethanation, have signed a cooperation agreement to accelerate the development and commercialization of renewable fuels. The companies will work closely together to develop the market and find business opportunities for biomethanization and synthetic fuels worldwide. The first objective of the cooperation is to present between October 2020 and April 2021 a mobile demonstration facility in the Finnish pavilion at Expo 2020 Dubai. The World Expo is expected to attract 25 million visitors and highlight the new concept and possibilities offered by synthetic fuels. „The agreement aims to create a national sector capable of implementing and managing renewable energy projects throughout Iraq. These projects will provide significant employment opportunities while contributing in smart and innovative ways to the resolution of the energy crisis in Iraq. We will start with training programmes to develop, in collaboration with global training organisations, skills that meet the needs of the sector and to promote projects for young people. Said Dr. Mohammed Shaker, President of the Baghdad Center for Energy and Sustainability and member of the RCREEE Executive Committee. Stefan Ölander, CEO of Soltech, added that the cooperation is a step forward to help all companies and the public sector to deal with the major problems related to insufficient network capacity.

The collaboration with Q Power is a continuation of how Wärtsilä collaborates with start-ups and collaborates with other energy players to develop and expand technologies and business opportunities that support a 100% renewable energy future. By allowing such transfers, this cooperation mechanism is increasingly encouraging EU countries to exceed their targets, as they can receive payment for energy transferred to others. It also allows countries with less cost-effective renewable energy sources to meet their targets at a lower cost. Two or more EU countries can co-finance a renewable energy project in the fields of electricity or heating and cold and share the resulting renewable energy to achieve their objectives. These projects may, but should not involve, the physical transfer of energy from one country to another. The possibility of statistical transfers was introduced in directive 2009/28/EC on renewable energy, which allows EU Member States, in accordance with Article 6, to agree on the statistical transfer of a certain amount of energy from renewable sources from one Member State to another. The post-2020 revision of the Renewable Energy Directive, proposed by the Commission, should continue these cooperation mechanisms. Transmissions shall take effect only after all Member States participating in the transfer have notified the European Commission. EU countries can also carry out joint projects with third countries.

The resulting energy is taken into account in the national targets if the project includes: „This is a perfect example of Wärtsilä`s ambitious vision of a 100% renewable energy future and shows the concrete steps we want to take to develop smart technologies for sustainable societies. We are very excited and eager to work with Q Power to develop technologies and concepts that will help the world take concrete steps towards 100% renewable energy,” said Jaakko Eskola, President & CEO of Wärtsilä Corporation. Two or more EU countries can co-finance a joint support programme for renewable energy production in one or two of their territories. . . .