ESPOO, Finland, Oct. 30, 2024 /PRNewswire/ — VTT, based in Finland, has been selected as the first-ever foreign partner to join an ARPA-E research program funded by the US Department of Energy, focusing on enabling the commercialisation of fusion energy. Related to the collaboration, VTT and Lawrence Livermore National Laboratory (LLNL) in California, US, have signed a memorandum of understanding for science and technology cooperation. Through these joint projects, VTT’s expertise will play a central role in global technology development.

VTT Technical Research Centre of Finland has joined an ARPA-E (Advanced Research Projects Agency – Energy) program funded by the US Department of Energy, aiming to accelerate the commercial use of fusion energy. The collaboration aims to solve the challenges of materials needed in extreme conditions, which are a bottleneck in the commercialisation of fusion energy.

“Fusion energy is considered the ‘holy grail’ of clean energy, but issues with material durability have slowed breakthroughs for decades,” says Anssi Laukkanen, Research Professor at VTT.

What makes this collaboration particularly exceptional is that the US Department of Energy is directly funding the participation of a European research institution. ARPA-E is known for its top-tier research projects that focus on solving the biggest challenges in the energy sector. This is the first time the US Department of Energy has brought in a foreign partner to this project.

VTT brings its expertise in computational materials engineering and AI-based simulation methods to the initiative. These methods allow for testing the durability of materials in extreme conditions by simulating hundreds of millions of computational experiments.

“The traditional process of developing new materials can take decades. VTT’s simulation and AI technologies shorten the development cycles to months, allowing us to quickly discover, optimise and create case-specific materials tailored to a specific need,” Laukkanen explains.

The project focuses on developing materials for the first wall of fusion reactors, which must withstand extreme temperatures and radiation for several years. The lack of materials that meet these requirements has been a significant barrier to the commercial implementation of fusion reactors.

“Fusion energy has long been a vision that has always been said to be 50 years away. Now research is advancing to the point where the first commercial players expect applications in just 5-10 years from now. If successful, fusion energy could revolutionise energy production and help solve global climate challenges,” Laukkanen says.

VTT and LLNL collaborate to solve critical energy and sustainability issues

The collaboration between VTT and Lawrence Livermore National Laboratory (LLNL) aims to develop revolutionary solutions for both the energy market and sustainable development.

The collaboration covers five key research areas: biotechnology, critical materials and green technologies, quantum computing, energy materials and structural alloys and materials for fusion energy. The agreement is the result of VTT’s particularly strong expertise in developing materials and computational models for extreme conditions.

In material development, VTT uses unique AI-assisted VTT ProperTune computing and simulation technology, which has enabled the development of better material solutions, for example for fusion energy. VTT has also heavily invested in the development of quantum algorithms and software. These factors made VTT an attractive partner.

“The new agreement allows us to deepen our long-standing collaboration and advance research more systematically. Collaboration with a top-tier research institution like LLNL offers a unique opportunity to tackle the critical problems of our time,” says VTT CEO Antti Vasara.

VTT’s involvement in internationally significant research projects raises the profile of European technology in the United States and lays the foundation for new business opportunities in Europe as well.

“For us, this is not just about research, but also about bringing Finnish innovations to international markets. Now, we have an opportunity to be involved in developing new technologies with enormous market potential. The success of even one area could have significant impacts on economic growth,” says Tua Huomo, Executive Vice President of VTT’s sustainable products and materials business area.

Media material

https://vtt.contenthub.fi/ui/shares/w17367579/0l0wyAPYhY/en/ 

LLNL Deputy Director for Science and Technology Pat Falcone, right, and VTT Chief Executive Officer Antti Vasara, sign the MOU on Oct. 1. (Photo: Blaise Douros/LLNL)

For more information, please contact:
Anssi Laukkanen, Research Professor,
+358 40 820 8039, anssi.laukkanen@vtt.fi

Further information on VTT:
Satu Holm-Jumppanen
Manager, Communications
+358 50 305 4718, satu.holm-jumppanen@vtt.fi 
www.vtt.fi

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Ravi Menon appointed as Chairman of the Board of Directors

SINGAPORE, Oct. 30, 2024 /PRNewswire/ — The Monetary Authority of Singapore (MAS) announced the establishment of the Global Finance & Technology Network (GFTN) to harness technology and foster innovation through global partnerships for more efficient, resilient, and inclusive financial ecosystems.

Mr Ravi Menon has been appointed Chairman of the Board of Directors of GFTN. Mr Menon is also Singapore’s Ambassador for Climate Action and Senior Adviser (National Climate Change Secretariat) at the Prime Minister’s Office.

Mr Leong Sing Chiong, Deputy Managing Director of MAS, and Mr Neil Parekh, Nominated Member of Parliament, Singapore & Non-Executive Chairman (till recently Partner and Head of Asia & Australia) at Tikehau Capital, have been appointed as Deputy Chairmen.

Mr Sopnendu Mohanty, currently Chief FinTech Officer at the MAS, will be appointed Group Chief Executive Officer of GFTN, with effect from 1 February 2025 when he will relinquish his role in MAS.

GFTN will aim to enhance global connectivity for impactful innovation in financial services internationally and strengthen Singapore’s position as a global FinTech hub. It will build on the success of Elevandi, a not-for-profit company set up by MAS in 2021 to organise and globalise the Singapore FinTech Festival (SFF), which has grown to become the largest FinTech event of its kind in the world attracting some 65,000 participants from 150 countries.

GFTN will have four strategic businesses:

GFTN Forums – a global conference convenor dedicated to finance and technology.GFTN Advisory – a knowledge centre offering practitioner-led advisory services and research on innovation policies and ecosystems.GFTN Platforms – a digital platform service provider for businesses, especially small and medium enterprises.GFTN Capital – an investment fund for technology start-ups that have the potential for sustained growth and positive social impact.

GFTN’s Board of Directors (BoD) will be guided by an International Advisory Board (IAB) comprising distinguished, globally recognised leaders with a demonstrated commitment to the public interest. Details of the BoD and IAB will be announced at the SFF on 6 November 2024.

“GFTN will drive greater synergies within the global finance and technology communities for innovations in financial services that create positive economic value and social impact. We aim to unlock sustainable and inclusive pathways that serve communities around the world while strengthening Singapore’s global connectivity and role as a FinTech hub,” said Mr Menon.

“The global financial technology (FinTech) and innovation ecosystem has witnessed significant growth over the past decade, with the MAS playing a pivotal role in this development. This expansion has established a robust foundation for a reimagined global platform. GFTN is aimed at addressing the evolving requirements of the global FinTech ecosystem, and is strategically positioned to realise our mission through the integration of convening forums, advisory, digital platforms, and capital,” shared Mr Mohanty.

About the Global Finance & Technology Network (GFTN)
The Global Finance & Technology Network (GFTN) is a not-for-profit organisation established by the Monetary Authority of Singapore (MAS) in 2024 to harness technology and foster innovation for more efficient, resilient, and inclusive financial ecosystems through global partnerships. GFTN convenes forums, offers advisory services on innovation ecosystems, provides access to transformative digital platforms, and invests in technology startups with the potential for growth and positive social impact through its venture fund.

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Also listed as India’s Best Workplaces for Women among top 100 large organisations

MUMBAI, India, Oct. 30, 2024 /PRNewswire/ — CRISIL Ltd has been Certified as a Great Place To Work® in India for the fifth consecutive year and acknowledged as one of the Top 100 large organisations that are Best Workplaces™ for Women.

These recognitions underscore the company’s sharp focus on fostering an environment of diversity, inclusivity and growth-orientation, where every individual feels valued and empowered.

Amish Mehta, Managing Director & CEO, CRISIL, said, “As a people-first organisation, we constantly strive to ensure that CRISIL is a place where employees can be themselves, have a sense of belonging, find their purpose and grow together. This motivation helps us create top-notch value for our clients and positively impact lives in our communities. The latest recognitions are a strong validation of our many ongoing initiatives as we continue to make changes to our people practices and policies prioritising overall well-being, learning and career growth.” 

Pooja Mirchandani, President & Chief Human Resources Officer, CRISIL, added, “These recognitions reflect CRISIL’s holistic approach to providing best-in-class employee experience through policies and practices that promote a diverse and performance-oriented work culture, employee well-being, career mobility, and upskilling. We will continue to strengthen the environment so that our people continue to thrive.”

As a Great Place To Work Certified™ organisation, CRISIL is part of a global movement that has surveyed over 100 million employees since 1992. The research shows that truly great workplaces prioritise great leadership, a consistent employee experience and sustainable performance, providing the same exceptional environment to all employees regardless of role, gender, tenure, or level.

In India, the Great Place To Work partners with more than 1,800 organisations annually across 20+ industries to help build high-trust, high-performance cultures. CRISIL is proud to stand out among these organisations, continuing its journey of fostering an inclusive workplace designed to deliver sustained business results.

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