Wärtsilä Provides Seed Funding to Renewable Energy Start-up Soletair Power Oy
The technology group Wärtsilä has agreed to provide €500,000 in seed funding to Soletair Power Oy, a Finland-based startup company operating in the field of Power-to-X. Soletair Power Oy has developed a unique concept to improve air quality in buildings by capturing carbon dioxide (CO2) and converting it to synthetic renewable fuel.
Soletair Power’s concept represents an important step towards carbon neutral societies and supports Wärtsilä’s strategy in leading the energy sector’s transformation towards a 100% renewable energy future.
“As an energy systems integrator, Wärtsilä understands, designs, optimizes, builds and serves complex power systems enabling our customers to create sustainable energy for the future. To achieve this, we build strategic partnerships, innovate with startup companies, and actively recruit new talent to strengthen and support our expertise in new business areas. Our funding for Soletair Power Oy is a concrete example of this philosophy, and it takes us one step closer to 100% renewable world,” commented Matti Rautkivi, Director for Strategy and Business Development in Wärtsilä’s Energy Business.
Anja Frada, Vice President, Business Development, Finance and Control, Wärtsilä Energy Business and Ari Piispanen, shareholder, Soletair Power Oy, signed the seed funding contract between the companies on 12 April 2019.
While hydrogen can be produced from renewable energy sources, the Soletair Power concept captures the CO2 from the air and utilizes synthesis to combine these into hydrocarbons suitable for synthetic renewable fuel. Wärtsilä sees great value in the Soletair Power concept and will provide global support in the development and commercialization of the technology.
“The Soletair Power solution represents an important stepping stone towards a sustainable future. We are excited to be working with Wärtsilä, a global technology leader and innovator, in bringing this solution to the market,” added Petri Laakso, newly appointed CEO of Soletair Power Oy.
Building a sustainable future for the energy industry is the basis of Wärtsilä’s Smart Energy vision. This involves maximized renewable generation, which is enabled by integrating flexible energy generating assets together with intermittent renewables. In the 100% renewables world, the majority of the energy produced will be from solar PV and wind power. The required operational flexibility will be provided by flexible gas assets using synthetic renewable fuels, by the extended use of energy storage technology, and by optimizing the lifecycle of the existing installations.
