Norsepower Oy

Norsepower Oy Ltd. is a Finnish clean technology and engineering company that has pioneered modern auxiliary wind propulsion for the global maritime industry. The company's flagship product, the Norsepower Rotor Sail, harnesses wind power to provide efficient, low-maintenance, and reliable auxiliary wind propulsion for cargo and cruise ships. The Rotor Sail utilizes the Magnus effect, wherein rotating cylinder-shaped rotors mounted on the ship's deck generate powerful thrust, enabling the main engines to be throttled back, resulting in significant fuel savings and reduced emissions.

Norsepower's Rotor Sail technology has been commercially deployed and proven successful, with over 250,000 operating hours of verified performance data acquired from renowned shipping companies and charterers. Independent verifiers, including Lloyd's Register, ABB, NAPA, Chalmers University of Technology, and VTT, have confirmed fuel consumption savings ranging from 5% to 25%, or even higher in favorable wind conditions.

Since its establishment in 2012, Norsepower has raised over EUR 40 million in funding from investors such as Mirova, OGCI Climate Investments, Nefco, Tesi, and Finnish Climate Fund. The company has successfully installed Rotor Sails on eight vessels to date, with plans for ten more installations within the next 12 months, including on a combination carrier, MR tanker, capesize bulk carrier, CO2 carriers, a VLGC, cement carrier, and additional bulk carriers.

In March 2023, Norsepower secured EUR 28 million in a Series C funding round led by Mirova, a French asset manager dedicated to sustainable investment. This funding will enable the company to scale up production, expand its reach, strengthen research and development efforts, and bolster its intellectual property portfolio.

Key customers and partnerships

Norsepower has established partnerships with several prominent shipping companies, including Bore, Sea-Cargo, Scandlines, Vale, CLdN, Nippon Marine, and Socatra, who have selected the Norsepower Rotor Sail to improve fuel efficiency and reduce emissions in their shipping operations.

In October 2023, Norsepower entered into a groundbreaking co-operation agreement with IINO Lines, a Tokyo-based shipping company, and Mizuho Leasing Company, Limited, to launch a leasing initiative for the Norsepower Rotor Sail. This initiative aims to increase accessibility to Norsepower's technology by offering leasing packages with a minimum five-year term and a fixed monthly fee, removing the barrier of upfront investment for small to medium-sized shipowners and operators.