Norsepower raises EUR 3.6 million to accelerate expansion and growth
Finnish auxiliary wind propulsion systems provider Norsepower is expanding its activities in Asia after closing a new equity funding round.
The company’s expansion and growth plans seek to boost production of its rotor sails and ramp up its search for potential supplier partners within the region.
“This round of financing builds on an outstanding year for Norsepower, having successfully completed the installation of our rotor sail solution technology onboard two pioneering projects supported by leading shipping companies Maersk Tankers and Viking Line,” CEO Tuomas Riski commented.
“We have set ambitious targets for the commercialisation of our technology, and closing this financing round is a major enabler for the company to achieve these,” he added.
The Norsepower Rotor Sail Solution is an update of the Flettner rotor, harnessing wind power via a spinning cylinder to create forward propulsion. The solution is suitable for both newbuilds and retrofitting and has the ability to deliver fuel and emissions savings of up to 20 per cent when wind conditions are favourable.
“This is cleantech at its cleanest,” Riski told Good News from Finland earlier this year. “The technology’s potential to reduce an industry’s total carbon emissions is simply staggering.”
Norsepower’s solution also won the company the Innovation of the Year accolade at the 2016 Electric & Hybrid Marine Awards ceremony in Amsterdam.