Norse Power

March 2023
Norse Power, the world’s leading provider of mechanical sails for large vessels has raised €28 million from investors such as Mirova (affiliate of Natixis Investment Management), The Finnish Climate Fund, OGCI Climate Investments, NEFCO, Tesi and Power Fund III.

Norse power is a company dedicated to decarbonizing the shipping industry by harnessing wind power for large ships. Their innovative Norsepower Rotor Sail, a modernized version of the Flettner rotor, uses minimal electric power to rotate cylinder-shaped rotors on a ship’s deck, generating thrust from wind and reducing fuel consumption and emissions. They have already accumulated 250,000 operating hours of verified performance data from renowned shipping companies and customers such as Bore, Sea-Cargo, Scandlines, Vale, CLdN, Nippon Marine, and Socatra.

The performance data, independently measured and analyzed by Lloyd’s Register, ABB, NAPA, Chalmers University of Technology, and VTT, shows fuel consumption savings ranging from 5% to 25% or more.

To support its objectives, Norsepower has successfully secured funding from various sources, including equity financing and loans. This investment round involves both existing and new investors, demonstrating confidence in Norsepower’s capabilities. The funds will be used to accelerate production, meet growing global demand, enhance research and development, bolster marketing efforts, recruit talent, and strengthen their intellectual property portfolio.