Finnish rotor sails maker Norsepower to ramp up production in China
Finnish marine wind propulsion system designer Norsepower has secured financing from the Nordic green bank, Nefco, that will be channelled to investments in its production hub in China.
Norsepower has established two fully-owned subsidiaries in Hong Kong and Yancheng to respond to the growing demand in Asia. The new financing is a continuation of cooperation with Nefco. The Yancheng subsidiary started with a feasibility study co-financed by Nopef, the Nordic Project Fund, which is a financial instrument managed by Nefco that supports international growth of Nordic small and medium-sized enterprises.
“This loan agreement is a culmination of our fruitful cooperation with Norsepower. Norsepower’s modern sail technology is fascinating, and it offers one solution for the shipping industry that faces increasing cost and environmental constraints,” said Helena Lähteenmäki, investment director at Nefco.
Norsepower’s rotor sail technology based on the Magnus effect has already been installed onboard tankers, bulkers, RoRo ships and ferries with an average fuel savings record of 5 to 25%. The next installation is planned for later this year for the Luxembourg-based roro operator CLdN, onboard a 2018-built Delphine. This will be the seventh vessel to be installed with Norsepower’s rotor sails and the third installation of the tilting function.
