Norsepower, a Helsinki, Finland-based provider of mechanical sails for large ships, raised €28M in Series C funding.
The round was led by Mirova through its impact private equity Mirova Environment Acceleration Capital fund, with participation from TheFinnish Climate Fund (Ilmastorahasto), OGCI Climate Investments, Nefco – The Nordic Green Bank, Tesi, and Power Fund III.
The company intends to use the funds to scale production and expand the reach of its fuel-saving and emissions-reducing technology.
Led by Tuomas Riski, CEO, Norsepower offers mechanical sails for large ships which provide an auxiliary wind propulsion system with a proven savings record. The Norsepower Rotor Sail™️ uses a minimal amount of the ship’s electric power to rotate cylinder-shaped rotors on the ship’s deck. The product has already been used by customers for over eight years and has 250,000 operating hours of verified performance data, which includes installations in collaboration with customers including Bore, Sea-Cargo, Scandlines, Vale, CLdN, Nippon Marine, and Socatra who have selected Norsepower Rotor Sails™️ for improving fuel efficiency and reducing the emissions of their shipping operations.
FinSMEs
28/03/2023