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Norsepower raises EUR 3.6 million to accelerate expansion and growth

The company installed its Rotor Sail technology onboard Viking Line’s M/S Viking Grace in April 2018, making her the first passenger ship in the world using auxiliary wind propulsion.Norsepower

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.

Since its establishment in November 2012, Norsepower has raised more than 15 million US dollars in funding. Image: Norsepower

“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.

Time-honoured innovation

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 toldGood 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.

Published on 19.11.2018