Shipbuilding firm Meyer Turku has announced it was selected by Business Finland as the recipient of 20 million euros in initial funding towards the construction of a climate neutral cruise ship, set to be complete by 2025.
The funding was granted as part of the German-owned company's EU-backed NEcOLEAP project, an initiative that aims to encourage innovative and sustainable solutions within the shipping and cruise industry. Business Finland has also set aside the other 50 million euros to fund other participants in the effort.
The firm, which operates a shipyard in Southwest Finland, added that its goal was for the shipyard's operations to be entirely carbon neutral by the year 2030, a target that in combination with the climate-friendly ship will cost around 100 million euros.
According to Meyer Turku, the NEcOLEAP project will bring together companies, research institutes and universities to develop new technologies and solutions that will ensure the Finnish shipbuilding industry's competitiveness in the future.
The firm said the project will create an estimated 9,500 new jobs and is set to increase the company's turnover by a billion euros which will be significant for Finnish exports, according to a company statement.
"Meyer Turku has already established a solid partnership network but thanks to funding received by the project, we can openly expand our horizons to find the most innovative solutions and new ways of working. Only in this way can we stand out in the growing competition in the nautical industry," the company's deputy chief Tapani Pulli said.
The firm said that many potential participants have already shown interest in joining the effort.