OGCI Climate Invests €8 Million To Support Expansion Of Norsepower Rotor Sail Technology
To accelerate Norsepower’s growth on global markets, Norsepower Oy Ltd., today announced that OGCI Climate Investments has led an €8 million investment round in Norsepower, along with current investors.
This investment will enable Norsepower to increase its production from it’s manufacturing facilities itself. This will be a part of the next phase commercialization that has been triggered by the demand for its renewable wind energy propulsion systems. This increase in demand is due to speculations of the fuel costs increasing and also to meet the IMO GHG emission targets in 2030 and 2050.
Speaking on the announcement, Tuomas Riski, CEO, Norsepower, said: “We are very excited to be partnering with OGCI Climate Investments on this initiative, which will leverage the expertise and capabilities of both organisations to scale our Rotor Sail Solution. Importantly, this partnership will also allow Norsepower to deliver cleaner solutions for the oil tanker market as it strives to increase sustainability and decarbonise in its role as a critical vehicle for the world economy.”
Pratima Rangarajan, CEO of OGCI Climate Investments, added: “Improving energy efficiency is fundamental to reducing carbon emissions. Norsepower’s Rotor Sail technology is an innovative, impactful and immediately available solution that improves vessel efficiency, reducing fuel consumption. We look forward to working with Norsepower to deliver real impact to the shipping sector’s CO2 emissions.”
The Norsepower Rotor Sail Solution, is fully automatic and can sense whenever the wind is strong enough to deliver fuel savings. At this point the rotors start automatically saving crew time and resources. It can be installed on new vessels or retrofitted on existing ships without off-hire costs.
Till now, Norsepower’s Rotor Sails has been installed onboard three vessels, including Bore’s M/S Estraden, a 9,700 DWT Ro-Ro carrier, Viking Line’s M/S Viking Grace, an LNG–fuelled cruise ferry, and Maersk Tanker’s 110,000 DWT Maersk Pelican. Norsepower has also recently started a delivery project of a Rotor Sail to a hybrid ferry owned by Danish Shipping Company Scandlines.