Annual Report 2021

Chairman & CEO Report 

It has been a great year for RINA with double digit growth and good EBITDA.

More than anything, however, I have been delighted with the progression of RINA’s reputation, both in Italy and internationally. We are recognised as a trend-setter and leader in markets such as decarbonisation, infrastructure and energy, and our reputation, experience and capabilities mean that many companies and organisations are now proactively asking us to participate in projects.

Energy transition remains a priority

Decarbonisation remains a key focus for the business. Everyone speaks about decarbonisation, but RINA is working on many real projects across every sector. We aim to be a protagonist in the process and are achieving some great, tangible results. This includes areas that are hard to abate, such as steel production. In fact, we were the first in the world this year to prove the use of mix of 30% hydrogen with methane using existing burners. We are also working with SNAM to qualify 33,000 km of pipeline for the transport of hydrogen/methane mixtures up to 100% hydrogen and with Alstom on hydrogen-fuelled trains, the first of which are due to be operating by 2023. 

Our experience in decarbonisation and technology transfer means we have learned that we cannot avoid the use of any single technology. For example, we are one of the few companies in Europe working on carbon capture technology, including one experimental project that is looking to use the CO2 with algae to create edible vegetable oil. Our work in hydrogen and decarbonisation further led us to be awarded the best innovation award by the Fuel Cells and Hydrogen Joint Undertaking for the EVERYWH2ERE project, which has developed portable, ‘plug & play’ gensets powered by hydrogen and fuel cells to replace noisy, polluting diesel generators.

I believe nuclear energy also has an important role to play in decarbonisation and we are working in some exciting areas, including a project for molten salt reactor technology with Core Power. This has the potential to revolutionise shipping. Although technology is already available to decarbonise the marine industry, much is dependent upon the development of onshore infrastructure. 

When it comes to wind energy, we are cooperating with the Sofia project, the biggest wind farm project in the world, to establish connection to shore. In the medium term, we will be looking to add competence in both wind and nuclear technologies to support the development of these important energy resources.