Norsepower’s auxiliary wind propulsion system cuts fuel consumption in vessels and helps the shipping industry become more sustainable. With financing from Nefco, the company is seeking growth in Asian markets.

Nefco, the Nordic Green Bank, has signed a loan agreement with Norsepower Oy Ltd, a Finnish cleantech company. As the world-leading provider of auxiliary wind propulsion systems, Norsepower’s Rotor Sail technology provides efficient, easy-to-use and reliable auxiliary wind propulsion for the shipping industry with installations already onboard tankers, bulkers, RoRo ships and ferries. The technology has a proven average fuel savings record of 5-25%.

“Our mission is to reduce the environmental impact of shipping through the commercialisation of innovative and modern sail power. With the IMO’s Energy Efficiency Existing Ship Index (EEXI) and Carbon Intensity Indicator (CII) coming into effect at the start of 2023, Rotor Sails can help shipowners improve their ratings against these criteria to help future-proof their fleets. With Nefco financing, we will be able to invest in our production capabilities in Asia so that we are well positioned to meet the rising demand for our Rotor Sail technology,” says Tuomas Riski, CEO and Partner at Norsepower.

Financing from Nefco will be channelled into investments in the Norsepower production hub in China. In recent years, Norsepower has established two fully owned subsidiaries in Hong Kong and Yancheng to respond to the growing demand in Asia. The new financing is a continuation of cooperation with Nefco. The Yancheng subsidiary started with a feasibility study co-financed by Nopef, the Nordic Project Fund, which is a financial instrument managed by Nefco that supports international growth of Nordic SMEs.

Nordic clean technology reduces the environmental impact of shipping

With a technology based on the Magnus effect, the patented 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. Norsepower Rotor Sails have several patented special features, which ensure their durability, safety, long lifetime, easy operations, and low maintenance costs.

On the environmental side, the Norsepower Rotor Sails contribute to the reduction of greenhouse gases and other emissions, such as sulphur and nitrogen oxides and particulate matter from ships, as each Rotor Sail in operation directly replaces the main propulsion power that is typically derived from fossil fuels. With typical annual fuel savings of 300 tonnes per Rotor Sail, avoided emission reductions are 900 t CO2/a.

“This loan agreement is a culmination of our fruitful cooperation with Norsepower. Norsepower’s modern sail technology is fascinating, and it offers one solution for the shipping industry, which faces increasing cost and environmental constraints,” says Helena Lähteenmäki, Investment Director at Nefco.

Norsepower’s next installation is planned for later this year for CLdN, the logistics specialist for road, sea and rail, onboard a 2018-built Ro-Ro vessel, the MV Delphine.

For further information, please contact:

Helena Lähteenmäki, Investment Director, Nefco
helena.lahteenmaki@nefco.int, +358 10 6180 633

Kerry Marshall, Senior Account Manager, BLUE Communications
kerry.marshall@blue-comms.com, +44 (0) 7972 345 822

About Norsepower Oy

Norsepower Oy Ltd is a Finnish clean technology and engineering company pioneering modern auxiliary wind propulsion for the global maritime industry. Norsepower’s Rotor Sail Solution is a proven, low-maintenance, easy-to-use and reliable fuel-saving technology, supporting the decarbonisation of the shipping industry.

Since its establishment in 2012, Norsepower has raised more than €20 million in funding and has now installed Rotor Sails onboard seven vessels, including the latest installation on the Scandlines hybrid ferry, M/V Berlin. Each installation has made significant reductions to fuel costs and emissions, confirmed by independent verifiers such as ABB, NAPA and Lloyd’s Register.

For more information on the Norsepower Rotor Sail Solution, please visit www.norsepower.com.

Norsepower Rotor Sails onboard Sea-Cargo. Photo: Sea-Cargo
Norsepower Rotor Sails onboard Sea-Cargo. Photo: Sea-Cargo