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Norsepower Secures Funding to Scale Up Rotor Sails Production

An MR tanker fitted with two Norsepower Rotor Sails™?. Illustration courtesy Norsepower

Norsepower Secures Funding to Scale Up Rotor Sails Production

Mike Schuler
Total Views: 1958
March 28, 2023

Norsepower Oy Ltd., a leading global provider of mechanical sails for large ships, has secured 28 million euros in its latest Series C fundraising round.

The round was led by French asset manager Mirova, through its impact private equity Mirova Environment Acceleration Capital fund, and included other organizations such as The Finnish Climate Fund (Ilmastorahasto), OGCI Climate Investments, Nefco – The Nordic Green Bank, Tesi, and Power Fund III.

The funds will be used to scale up production and expand the reach of Norsepower’s fuel-saving and emissions-reducing technology.

Norsepower aims to decarbonize the shipping industry by harnessing the power of the wind for large ships. The company estimates that over 30,000 vessels globally can benefit from its award-winning Norsepower Rotor Sails™?, with potential to reduce CO2 emissions across the global fleet by 80 megatons per year.

Rotor sails are a modernized version of the Flettner rotor and utilize the magnus effect to generate forward thrust, reducing overall fuel consumption and associated greenhouse gas emissions.

Norsepower Rotor Sails™? have been used by customers from various sectors of the shipping industry for over eight years and has 250,000 operating hours of verified performance data acquired from some of the world’s best-known shipping companies and charterers. The data shows fuel consumption savings of 5 to 25% or more.

The new funding will help accelerate Norsepower’s scale of production and meet increasing global demand. It will also strengthen Norsepower’s product research & development, marketing, recruitment, and intellectual property portfolio.

Wind-assisted propulsion can play a significant role in reducing greenhouse gas emissions from shipping.

Commenting on the funding, Tuomas Riski, CEO of Norsepower, said: “Our goal is simple – to cut the emissions of large ships by saving fuel with our proven Norsepower Rotor Sails™?. We empower the industry to use our product alongside other technologies to achieve zero-carbon, cost-effective sailing. With over 30,000 vessels globally that can benefit from our product, our scale-up ambitions are bold but realistic. It’s a win-win for everyone, including the planet.”

Youssef Belatar, Investment Director at Mirova, said, “We are thrilled to support Norsepower in their journey to empower the shipping industry towards reaching the goal of zero carbon emissions, and together play an active role in the environmental transition.”

The Finnish Climate Fund (Ilmastorahasto) recognized the importance of technology in tackling the challenge of decarbonizing the shipping industry and Norsepower’s rotor sails as an immediately available solution, especially for emissions-intensive ocean tankers. Paula Laine, CEO at The Finnish Climate Fund, said: “A key factor in our decision-making is impact and Norsepower’s ability to cut CO2 emissions by 5-25 % or even more in good wind conditions.”

The investment from one of the world’s leading sustainability investors signals a clear vote of confidence in Norsepower’s ability to deliver on its objectives. It is a massive leap in the right direction and will play a key role in decarbonizing hard-to-abate sectors such as shipping.

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