January 29, 2016

Cleantech giant Norsepower boosts its enterprise value

The syndicate invested in Finnish cleantech company Norsepower to support its growth and market expansion.
The syndicate invested in Finnish cleantech company Norsepower to support its growth and market expansion.
Juha Hietikko

Finnish marine engineering company Norsepower has verified the efficiency of its fuel-saving technology and received three million euros in investment from a syndicate.

The investment round was led by venture capital fund Power Fund III and the investors were VNT Management, Finnvera, Lifeline Ventures and Water. Norsepower is also funded by Tekes – the Finnish Funding Agency for Technology and Innovation.

Since its establishment in November 2012, Norsepower has gathered more than six million US dollars of funding, which has enabled development, testing and piloting of its Rotor Sail Solution, which is mainly designed for tankers, bulk carriers, ro-ro vessels and ferries.

According to the latest test round, Norsepower’s Rotor Sail Solution has proven 6.1 per cent reduction in fuel consumption, avoiding 1 200 tonnes of CO2 emissions annually. The rotor sails were tested in Ro-Ro carriers.

“Independent verification of Norsepower’s technology has required a significant and complex analysis process,” says Jouni Salo, product manager from Napa, who was responsible of the rotor sail test rounds.

“The operating route of the vessel posed many challenges from differing wind conditions to varying sea depths, all of which impact fuel consumption and had to be accounted for with randomised trialling, robust data collection and advanced statistical modelling,” Salo explains.

“The results, however, have made it all worthwhile. The two-sail installation is delivering the largest fuel saving of any efficiency technology NAPA has measured. We talk figures of Rotor Sails being effective 80 per cent of sailing time, 460kW average propulsion boost and 1.5MW peaking for 10 per cent of time,” Salo points out.

“The fact that Napa has not only proven this eco-efficiency technology, but also boosted Norsepower’s enterprise value through orders and investment really shows the power of big data when applied correctly.”