Annual Report 2021


RINA is a system integrator for the development of sustainable solutions for decarbonization, particularly focused on how to support the energy transition along the entire supply chain of energy, meaning the evolution of production, transport, storage distribution of alternative fuels, clean energy vectors and CCUS solutions.

The Decarbonisation function was formed in 2020 and, during 2021, we have built our service proposal and joined competencies into a corporate team to observe what is happening in energy transition markets, from energy generation, both conventional and renewables, transportation, storage, and distribution and all offtake end user markets.  

The function perfectly crosses all the BUs and Corporate functions throughout the Agile Team that is the expression of the decarbonization ambassadors in terms of competences and geographies. Our financial targets are shared across all RINA’s business units, and our team works as an enabler to identify strategic opportunities and position RINA as a leader in decarbonisation. 2021 has already shown the potential RINA offers the marketplace in decarbonisation and that the structure we are using is highly effective, with order intake at three times the level of 2020 and revenue of +280%. We have worked with more than 80 different clients throughout the year and have signed 5 MoUs with leading companies, with other strategic alliances are in the pipeline.   

Highlights for 2021 include our work on the second project in Europe for hydrogen powered trains. RINA has deep competencies in railways and deep knowledge of hydrogen, providing the perfect combination for such a project. Scheduled for operation at the beginning of 2024, this is a flagship project in decarbonisation. We also received best innovation award for the EVERYWH2ERE project by the Fuel Cells and Hydrogen Joint Undertaking.  

A new function

Looking ahead

Decarbonisation is a dynamic marketplace, and we need to be agile, responsive and open to all ideas in the short, medium and long term. For example, the 3rd generation of small/medium nuclear reactors, which have new levels of safety and produce less hazardous waste, may offer potential to decarbonise shipping - not today but in less than 10 years. We operate with a dashboard of technologies to monitor developments and identify opportunities for technology transfer. 
We need transition solutions and carbon capture technology will be required both in the shorter term to contain the increase in global temperatures and in some applications, such as chemical processes that cannot avoid producing carbon dioxide. 
While many technologies relating to decarbonisation are currently available, the challenge over the next few years is going to be produce these at relevant scale and performance levels to meet industrial challenges.  
During the next year, In Italy and in Europe, we will see the initial phase of investments enabled by the Next Generation EU and other international programs and we must help customers and government entities in managing the funds obtained and not missing any new opportunity of shaping a decarbonized future. For RINA, 2021 has been the year of shaping its reputation in the energy transition in project mostly related to Italy or Italian companies: 2022 will be the year to make our track record pay off and start generating more opportunities abroad.