Norsepower, a Helsinki, Finland-based engineering company specializing in clean tech solutions within the marine sector, raised €3m in funding.
The round was led by VNT Management, via the venture capital fund Power Fund III. Other investors include Finnvera Oyj, Lifeline Ventures and Wate Oy. Tekes – the Finnish Funding Agency for Technology and Innovation, is also a funder of the company.
Established in November 2012 and led by Tuomas Riski, CEO, Norsepower is a provider of cargo vessel auxiliary wind propulsion systems to reduce fuel consumption.
The company’s Rotor Sail Solution is a modernized version of the Flettner rotor – a spinning cylinder that uses the Magnus effect to harness wind power to propel a ship. When the wind conditions are favourable, Norsepower Rotor Sails allow the main engines to be throttled back, saving fuel and reducing emissions while providing the power needed to maintain speed and voyage time. Rotor sails can be used with new vessels or can be retrofitted on existing ships.
The company, which has just installed a second rotor sail on Bore’s Ro-Ro vessel MS Estraden, has raised more than $6m, which has enabled development, testing and piloting of the Norsepower Rotor Sail Solution.