VEO

VEO has signed an agreement with Neste to supply energy-efficient main electrical distribution technologies for Neste's EUR 1.4 billion expansion project in Singapore, which will increase renewable product capacity by up to 1.3 million tons per annum. The project is expected to be delivered during 2020, with startup targeted for the first half of 2022.

VEO's UK subsidiary IC Electrical (ICE) has produced its first low-voltage VEDA switchgear locally and moved to a new production facility called TEHDAS, which will almost triple its capacity. The expansion targets growing UK demand.

VEO Oy secured a large order from MEYER WERFT for the electrification of five cruise liners, with an option for five more, to be delivered by end of 2021.

VEO was contracted in October 2016 to provide power supply equipment for Norbord's new OSB3 production line in Inverness, Scotland. The project included switchgears, transformers, and generators, with additional orders extending the work into 2018.