Norsepower Receives Financing To Expand The Production Of Its Wind Propulsion Solutions For Ships

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 seeks growth in Asian markets.

Nefco, the Nordic Green Bank, has signed a loan agreement with Norsepower Oy Ltd, a Finnish clean-tech 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%.

Norsepower
Credits: Press Release

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

Financing from Nefco will be channelled to investments in the Norsepower production hub in China. Over 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 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.

Nefco
Credits: Press Release

“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 that 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.

Reference: Press Release

Disclaimer :
The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.

Do you have info to share with us ? Suggest a correction

Latest Shipping News You Would Like:

Get the Latest Maritime News Delivered to Your Inbox!

Our free, fast, and fun newsletter on the global maritime industry, delivered everyday.

Leave a Reply

Your email address will not be published. Required fields are marked *