Norsepower invests 28 million euros

Finnish auxiliary wind propulsion company Norsepower announced it has secured €28 million in its latest C-Series funding round, enabling the company to increase production and extend the reach of its fuel-saving and emission-reducing technology.

French asset manager Mirova, a subsidiary of Natixis Investment Management specializing in sustainable investing, led the fundraising through its impact private equity fund Mirova Environment Acceleration Capital. Other participants in the round included TheFinnish Climate Fund (Ilmastorahasto), OGCI Climate Investments, Nefco – The Nordic Green Bank, Tesi and Power Fund III.

A modernized version of the Flettner rotor, the Norsepower Rotor Sail️ uses a minimal amount of the ship’s electrical energy to spin cylindrical rotors on the ship’s deck. The rotation together with the wind creates a strong thrust – this saves fuel and reduces emissions.

The product has been used by customers for over eight years and has over 250,000 hours of verified performance data – showing fuel savings of 5-25% or more.

Norsepower said the new funding will help accelerate production scale and meet rising global demand. It will also strengthen Norsepower’s product research and development, marketing, recruitment and sizable intellectual property portfolio.