Norsepower has secured €28m ($30.3m) in investment during its recently concluded fundraising round that should enable the Finnish marine wind propulsion system maker to scale up production and expand the reach of its technology.
French asset manager Mirova, an affiliate of Natixis Investment Management, led the fundraising which also included The Finnish Climate Fund, OGCI Climate Investments, Nefco – The Nordic Green Bank, Tesi, and Power Fund III.
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 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. The additional funding from one of the world’s leading sustainability investors is a massive leap in the right direction and a clear vote of confidence in our brilliant team, innovative technology, and the overall trajectory of our business.”
According to Norsepower, there are currently 30,000 vessels on the water today that can benefit from its rotor sails, with an option to reduce CO2 emissions across the global fleet by 80Mt on an annual basis. The company claims fuel consumption savings of 5% to 25% using its product.
