EnvironmentEuropeFinance and Insurance

Norsepower gets state funds to expand

The Finnish Climate Fund has decided on a capital loan of up to EUR10m ($10.85m) to rotor sail manufacturer Norsepower for increasing its production capacity.

Norsepower claims its product can reduce a vessel’s fuel consumption by 5–25%.

“The future of shipping is emission free, and Norsepower’s technology for cutting fuel costs and greenhouse gas emissions is a part of that future,” said Norsepower’s CEO, Tuomas Riski. ”Norsepower is an ambitious growth company and the Climate Fund’s investment accelerates the scale-up of our production considerably from what we could have achieved with organic growth alone. The involvement of a state entity also lends us credibility abroad.”

Many experts are predicting 2023 will be a breakout year for wind propulsion. In Splash’s annual maritime tech preview, published earlier this month, it was noted how shipping’s initial hesitation to incorporate wind propulsion technology has waned in the last few years as fuel availability and prices pose a growing challenge.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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