Konecranes' industrial Internet initiative makes machines intelligent and aware of their condition, and networks them to create real-time visibility for enhanced safety and productivity.

NIB and Konecranes have signed a EUR50 million (USD67.3 million) loan agreement to finance the company's R&D activities in 2014-2017.

The seven-year maturity loan to Konecranes' R&D program will assist the company in focusing on new business opportunities in two important areas: industrial Internet and next-generation mid-market products.

Konecranes' industrial Internet initiative enables machines to recognise their condition, and networks them to create real-time visibility for enhanced safety and productivity. The remote services offering includes a variety of distinct services ranging from periodic data reporting to real-time diagnostics, technical support and production monitoring.

The use of ICT to gather information about the performance and condition of machinery is a relatively new area in materials handling. Konecranes says it is responding to the knowledge gap through its investment in R&D dedicated to technologies, which is likely to strengthen its market position in the company's service business. More features and functionalities will be added to the offering in the future.

Another part of the Konecranes' R&D program focuses on its lifting equipment offering. Emerging markets' needs differ from developed economies, but the need for safety and cost-efficient productivity is common for both. With new innovative solutions, Konecranes can create modular products that serve both markets.

Konecranes is a group of lifting businesses, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. The company employs 11,800 people at 600 locations in 48 countries.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The bank finances private and public projects in and outside the member countries.