Norsepower Oy Ltd., the leading global provider of mechanical sails for large ships based in Finland, has successfully secured 28 million euros in its latest Series C fundraising round. French asset manager Mirova, an affiliate of Natixis Investment Management dedicated to sustainable investment, led the fundraising through its impact private equity Mirova Environment Acceleration Capital fund. Additional participants in the round included TheFinnish Climate Fund (Ilmastorahasto), OGCI Climate Investments, Nefco – The Nordic Green Bank, Tesi, and Power Fund III. With a focus on impact, these organisations have joined forces to enable Norsepower to scale up production and expand the reach of its fuel-saving and emissions-reducing technology.
The Norsepower Rotor Sail is a modernised version of the Flettner rotor. The Norsepower Rotor Sail uses a minimal amount of the ship’s electric power to rotate cylinder-shaped rotors on the ship’s deck. Rotation together with wind generates powerful thrust – saving fuel and reducing emissions. The product has already been used by customers for over eight years and has 250,000 operating hours of verified performance data acquired from some of the world’s best-known shipping companies and charterers.
(Source and image: Norsepower)