Norway’s Norsepower Oy Ltd. has raised €28 million in its latest Series C fundraising round to scale up production of its a mechanical sails for large ships.
The round was led by Mirova, through its Mirova Environment Acceleration Capital fund and includes The Finnish Climate Fund (Ilmastorahasto), OGCI Climate Investments, Nefco – The Nordic Green Bank, Tesi, and Power Fund III.
“With this first investment outside of France, the Mirova Environment Acceleration Capital Fund goes one step further to accelerate the scaling of innovative environmental solutions with positive impact. 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,” says Youssef Belatar, Investment Director at Mirova,
Norsepower Oy Ltd is the producer of The Norsepower Rotor Sail, bringing wind power back to sailing on large ships. The Norsepower Rotor Sail rotates, via the ships power system, harnessing wind to assist with fuel efficiency. The sails are currently being used by customers including Bore, Sea-Cargo, Scandlines, Vale, CLdN, Nippon Marine, and Socatra.
"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," says Tuomas Riski, CEO, Norsepower.
"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," he adds.
“The world needs to limit greenhouse gases as soon as possible to combat climate change, and decarbonising hard-to-abate sectors such as shipping will play a key role. Shipping faces international regulatory and public pressure to adopt more sustainable practices, and we recognise the importance of technology in tackling this challenge and Norsepower’s rotor sails are an immediately available solution, especially for emissions-intensive ocean tankers. 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," says Paula Laine, CEO at The Finnish Climate Fund (Ilmastorahasto).