Norsepower’s latest funding round, Series C, successfully raised €28 million from investors to reduce the environmental impact of shipping through its Rotor Sail Solution technology.
Finnish startup Norsepower announced that it has successfully raised €28 million in a Series C funding round led by Mirova, a Natixis Investment Management affiliate focusing on sustainable investment.
Other participants in the round included OGCI Climate Investments, Nefco, Tesi, Power Fund III, and The Finnish Climate Fund. These organisations have come together to support Norsepower’s mission of reducing carbon emissions in the shipping industry by harnessing wind power.
Norsepower’s Rotor Sail™️ is a modernised version of the Flettner rotor, which rotates cylinder-shaped rotors on the ship’s deck to generate thrust and reduce emissions.
Several shipping companies have already used the technology, with verified performance data acquired from over 250,000 operating hours. The product has also been measured and analysed independently by Lloyd’s Register, ABB, NAPA, Chalmers University of Technology, and VTT, with 5-25% or more fuel consumption savings.
The new funding will enable Norsepower to scale production and meet the increasing global demand for its product. It will also strengthen the company’s product research and development, marketing, recruitment, and intellectual property portfolio. The breadth and scale of the investment round, combined with the increased participation of existing investors, signals a clear vote of confidence in Norsepower’s ability to deliver on its objectives.
Norsepower significantly contributes to the global fight against climate change by reducing carbon emissions in the shipping industry. According to Norsepower, 30,000 vessels on the water today can benefit from its Rotor Sail™️, highlighting the opportunity to reduce CO2 emissions across the global fleet by 80 megatons annually.
Our goal is simple – to cut the emissions of large ships by saving fuel with our proven Norsepower Rotor Sails™️. We are going to bring a modern spin to wind propulsion technology. 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.
Tuomas Riski, CEO, Norsepower