CMA D. ARGOUDELIS & CO S.A. commits Over 5 Million Euros for funding the Marine Flywheel Battery Research of Atlas Hellenic Technologies
CMA D. ARGOUDELIS & CO S.A., a trailblazer in marine automation, is proud to announce a significant leap forward in marine technology with the initiation of a cutting-edge research and development (R&D) project. This ambitious endeavor, based on a project of ATLAS HELLENIC TECHNOLOGIES, aims to revolutionize the marine industry through the development of an innovative marine flywheel battery system. CMA has pledged a substantial investment exceeding 5 million euros to fuel this groundbreaking project of ATLAS.
This initiative marks a pivotal moment in CMA’s commitment to sustainable marine solutions. The marine flywheel battery technology promises to enhance the efficiency and reliability of marine power systems, potentially setting new standards in energy storage and management on the high seas.
“We are excited to embark on this journey with ATLAS, a project that not only underscores our dedication to technological advancement in the marine sector but also aligns with our vision of a greener, more sustainable future,” said Mr. Ioannis Argoudelis, Owner and CEO of CMA. “This investment is a testament to our belief in the transformative potential of this technology and its crucial role in the future of marine operations.” Said Mr. Nikolaos Argoudelis, Owner and CEO of CMA.
The marine flywheel battery, a concept at the forefront of energy innovation, offers numerous advantages over traditional battery systems. It is designed to provide high power output, rapid energy transfer, and exceptional durability in harsh marine environments. These features make it an ideal solution for a range of applications, from commercial shipping to naval operations and offshore.
The collaboration between CMA and ATLAS combines CMA’s extensive experience in marine automation with ATLAS’s expertise in advanced energy solutions. This synergy is expected to accelerate the development process, bringing the marine flywheel battery closer to commercial reality. In addition, ATLAS and Mr. Theodore Karavassilis have gathered an exceptional R&D team. Most members of this team hold a PhD and joined scientists from National Technical University of Athens and from the National Centre For Scientific Research Demokritos, adding high-end knowledge and expertise during this innovative journey.
“We are committed to pushing the boundaries of what’s possible in marine energy storage. We focus on new materials and nanotechnology and navigating towards the unknown, where no one has ventured before. New studies, new knowledge, new products.” said ATLAS’s project leader Mr Theodore Karavassilis. “We deeply appreciate CMA’s support and understanding and we thank CMA for our flawless cooperation so far. With the support of Ioannis and Nikolaos Argoudelis , we make a great team and we are not just developing a new product – we’re aiming to redefine how energy is stored and utilized in marine vessels”.
Continued EU funding commitment to support energy efficiency in urban areas
European Commission allocates another €35 million in support of the European Local Energy Assistance (ELENA), a joint initiative with the European Investment Bank
ELENA provides project development assistance and expertise for public and private stakeholders at local, regional and national level
The European Commission has provided fresh funding to continue the work of the European Local Energy Assistance (ELENA) facility, implemented by the European Investment Bank (EIB). Under the new agreement, the initiative will support projects across its sustainable energy (€30 million) and sustainable transport (€5 million) portfolios. This will further stimulate investments in energy efficiency, especially in buildings, heat networks, street lighting and clean urban transport. The EIB will ensure the selection of high-quality projects and will lend its expertise to assist with their successful implementation.
Reducing energy consumption is a central objective of the European Green Deal, which aims to cut the European Union’s energy needs by 32.5% by 2030. The State of the Union 2020 indicated a drive to increase this ambition, for instance via policy initiatives such as the Renovation Wave. Around 40% of all energy across the European Union is used in the building sector. The goal of the Renovation Wave is to double annual energy renovation rates in the next ten years. This ties in with ELENA’s third project portfolio – sustainable residential – which aims to invigorate large-scale refurbishment of the vast housing stock. It has a dedicated €97 million budget for technical assistance to make energy efficiency more attractive to private investors.
Across its three portfolios, ELENA has established itself as the go-to support facility for both public and private sector energy efficiency projects. Its hundreds of beneficiaries include central, regional and local government authorities, energy agencies and one-stop shops, banks and other financial intermediaries, and private entities.
“Accelerating energy efficiency investments in all sectors is crucial, if we want to reduce carbon emissions and mitigate climate change,” said Thomas Östros, EIB Vice-President in charge of energy. “Over the past 11 years ELENA has shown that sound technical support is important for investment mobilisation and project implementation. I warmly welcome the continued trust of the European Commission and I am confident that our experts will identify projects in which ELENA grants will make a real difference. It is joint efforts like these that pave Europe’s path to a sustainable future.”
European Commissioner for Energy, Kadri Simson, said: “Energy efficiency first is the guiding principle of the EU’s energy policy and a central tenet of the European Green Deal: the cleanest energy is the energy we do not use. In addition to being green, investment in renovation, heating, lighting and clean transport will also bring tangible improvements to people’s lives. Working with EIB and ELENA ensures that the best projects are being deployed close to the citizens.”
The European Local Energy Assistance (ELENA) facility was launched in 2009 and has supported some 120 projects ever since. It has disbursed more than €200 million in grants and enabled over €7 billion of investment.
HSBC partners with the Asian Development Bank to provide USD1.2bn funding lifeline to Asian supply chains
HSBC has partnered with the Asian Development Bank (ADB) to establish a supply chain financing programme primarily to support companies providing Covid-19 related supplies. This agreement could enable up to USD1.2bn per annum of additional trade by Asian SMEs.
HSBC, in partnership with the ADB, has already mapped over 10,000 critical COVID-19 suppliers. The resulting visibility ensures that targeted financing will support provision of critical medical supplies that wouldn’t otherwise be available.
The move comes as the B20, the WTO and the ICC have issued a joint statement warning about a trade finance shortfall of between USD2 trillion and USD5 trillion that could impede the ability of trade to support the post COVID-19 economic recovery. In developing countries, trade finance shortages can obstruct imports of essential goods as well as the export of key income-generating products. This disproportionately affects Micro, Small and Medium-sized Enterprises (MSMEs) that represent the bulk of employment in the Asia Pacific region.
“Trade has a critical role to play in both the frontline fight against COVID-19 and in supporting the global recovery,” said Natalie Blyth, Global Head of Trade and Receivables finance at HSBC. “This agreement will help ensure that trade finance gets to where it is needed and when to support the production and distribution of essential medical supplies and the return to growth.”
ADB has boosted its capacity to support trade and supply chains with more money and flexibility for its USD2.4 billion trade and supply chain finance programmes. Trade finance deals and partnerships such as these will help to bridge the trade finance gap and enable ADB member countries to counter the severe health and macroeconomic impacts caused by COVID-19.
“Partnerships, like this one with HSBC, are critical to closing market gaps, ensuring that we fuel growth necessary to build back the global economy, create jobs and prosperity,” said Head of ADB’s Trade and Supply Chain Finance Program Steve Beck. “This partnership will complement ADB’s ongoing efforts to map the supply chain(opens in new window)(opens in new window)(opens in new window) for products critical to the fight against COVID-19, and to support trade flows that will drive the recovery.”
Giggling Squid secures £5m funding from Barclays through the Coronavirus Business Interruption Loan Scheme (CBILS) to help through current crisis
The country’s leading Thai restaurant group has completed a £5 million loan by accessing the CBIL scheme through Barclays.
With 35 sites across the Midlands and Southern England, Giggling Squid had been performing extremely well going into the crisis, despite the well-publicised headwinds effecting the casual dining sector.
The Barclays loan will cover liquidity needs and ensure the ongoing viability of the business through the pandemic, safeguarding almost 1,000 jobs. As the UK transitions out of lockdown, the funding will enable the business to kick start its operations and ensure it is well placed to avail itself of the opportunity that the new normal will present.
Andrew Laurillard, CEO and Co-founder of Giggling Squid, said: “When the Government mandated Lockdown, we saw our revenues fall from a positive like for like level to zero over 9 days at the end of March 2020. The business urgently needed liquidity to survive the crisis. Barclays could not have been more helpful in supporting us through this awful situation.
“We expect to survive and thrive once the restrictions lift and this is entirely due to the extraordinary assistance of the account team and the bank as a whole, in helping us access the Government aid to the fullest extent.”
Mike Saul, Head of Hospitality & Leisure at Barclays, commented: “Barclays is absolutely committed to supporting all businesses through these uncertain times and we understand the challenges they face. We are working closely with clients like Giggling Squid to provide the vital funding they need to help them come out strongly the other side and we look forward to seeing their restaurants open and operating again.”
Germany: Investment Plan for Europe – EIB continues to expand life-sciences activities providing funding of up to EUR 100 million to Ottobock
– Fresh funds will support Ottobock´s R&D programme over the coming years
– Financing of EU bank is provided under Investment Plan for Europe, or Juncker Plan
In a push to further expand its life-sciences activities in Germany, the European Investment Bank (EIB) is providing financing of up to €100 million to Ottobock SE & Co. KGaA, a world-leading manufacturer and supplier of prosthetic limbs, orthotic supports and wheelchairs. Ottobock will use the fresh funds in the period 2019-2022 for its European-based RDI programme related to new products and product improvements with a particular focus on prosthetics, orthotics and human mobility. The EU bank’s loan is backed by a guarantee from the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe – the Juncker Plan – under which the EIB and the European Commission are working together as strategic partners and the EIB’s financing operations are boosting the competitiveness of the European economy.
EIB Vice-President Ambroise Fayolle, who is responsible for EFSI and operations in Germany, said: “Innovation is crucial to survive in this industry and hence high R&D and technology spending is essential. While large players can leverage synergies and achieve economies of scale within their R&D departments, niche players such as Ottobock are often challenged to allocate resources and accelerate the RDI to keep up with the competition. This is exactly where EIB comes into play. For us, the EU bank, it is a top priority to support investment that is geared towards innovation and greater competitiveness. This is part of our mission to foster sustainable growth and jobs in Europe. I therefore very much welcome our cooperation with Ottobock, in particular as the company is celebrating its 100 birthday this year.”
European Commissioner for the Economy, Paolo Gentiloni, said: “I am proud that the EU is supporting Ottobock’s innovation strategy via the EIB and the Investment Plan for Europe – not only because prosthetics and wheelchairs are vital to so many Europeans, but also because this money will help to sustain the more than 7,000 strong workforce. Investing in research and development keeps European companies at the forefront of technological advancement and maintains their competitive edge.”
Ottobocks Chief Financial Officer (CFO) Jörg Wahlers said: “We are delighted that EIB is supporting us in financing R&D alongside long-standing international partners on the private bank side. Our aim is to make devices in Orthotics & Prosthetics (O&P) and wheelchairs even easier and more intuitive to use thanks to brand new technologies.”
Ottobocks Chief Technology Officer (CTO) Dr. Andreas Goppelt said: “After 100 years of innovation such as the C-Leg as the first microprocessor-controlled knee joint, the C-Brace as a sensor-controlled clay orthosis and our bebionic hand prosthesis, that can be intuitively controlled thanks to our new Myo Plus pattern recognition, we will experience further major breakthroughs for users in the coming years thanks to digitalisation and AI. The EIB’s support helps us a great deal in this respect.”
Key appointments made for governance and delivery of the Future at Lloyd’s; £300m funding secured
As part of the transition and execution planning underway following the launch of the Future at Lloyd’s Blueprint One, Lloyd’s today announced key appointments for the governance and delivery of the programme together with confirmation of the raising of £300m of senior debt to fund the transformation.
In preparation for a series of phased deliveries beginning in 2020, Lloyd’s has focused on establishing a robust governance, oversight and funding framework which will ensure on-time, on-budget execution of the solutions announced in Blueprint One.
Governance includes a newly formed Technology and Transformation Committee*, overseen by Lloyd’s Board and Council. Andy Haste, Lloyd’s Deputy Chairman, will chair the committee whose members bring a wealth of experience and expertise in large-scale digital transformation. Programme delivery will be led by Jennifer Rigby, Lloyd’s Chief Operations Officer and Executive Committee member, who has an exceptional track record in technology transformation.
To ensure funding is available to meet the near and medium-term cash requirements of the Future at Lloyd’s, the Corporation has taken advantage of the low interest rate environment and secured £300m of senior debt, thereby avoiding any increase in market levies. The secure financial position of the Corporation will support the year-on-year costs of the Future at Lloyd’s as the benefits stream begins to be delivered.
Key roles continue to be filled at pace, with more than 80 Corporation and Market employees now engaged across the various workstreams. Strategic partners are being onboarded during Q1 2020 to support the phased delivery and implementation.
The delivery of the Future at Lloyd’s is being run on an ‘agile’ basis with the funding for each quarter being dependent on the execution of the planned deliverables. In February 2020, Lloyd’s will publish Blueprint 1a, which will set out the detailed plans and deliverables for Phase 1 implementation.John Neal, Lloyd’s Chief Executive Officer, said:
“Since the launch of Blueprint One, we have focused on designing a carefully structured and managed approach to planning and execution to allow regular delivery of value to the market. With robust governance and oversight now in place, and the funds for delivery secured, we have every confidence in the successful delivery of the Future at Lloyd’s.”
Jennifer Rigby, Lloyd’s Chief Operations Officer and Executive Sponsor of the Future at Lloyd’s added:“I’m delighted to lead the delivery of the Future at Lloyd’s. Our dedicated team are working at pace to develop and deliver the solutions we’ve promised to fundamentally transform our market. It’s an exciting time to be at Lloyd’s!”