• Norsepower Oy

  Participated · Equity · Jan 2016

  Norsepower develops Rotor Sails™, wind-assisted propulsion systems that augment ship propulsion to reduce fuel consumption and emissions. Its fully mechanical auxiliary system operates with zero emissions and achieves average fuel savings of 5–25%, with some installations showing up to 50% depending on vessel and route. As of the article, Norsepower has 32 Rotor Sails™ installed across 18 vessels for operators including IINO Lines, Oldendorff, and Union Maritime. The company opened a dedicated rotor sail factory in Dafeng, China in 2023 and plans to scale production capacity to 100 units per year by 2027. Norsepower integrates physical wind propulsion with digital tools such as Norsepower Sentient Control™ and Norsepower Cloud to monitor and optimise thrust in real time. Since its founding in 2012 it has raised €70 million to date and is preparing a further €30 million raise to support increased manufacturing capacity, expanded commercial operations, and continued digital development. Norsepower develops mechanical Rotor Sails that provide auxiliary wind propulsion for large ships to improve fuel efficiency and cut emissions. The Norsepower Rotor Sail™ uses rotating cylinder-shaped rotors that require a minimal amount of the ship’s electric power to operate. The product has been in customer use for over eight years and has 250,000 operating hours of verified performance data. Installations and collaborations include customers such as Bore, Sea-Cargo, Scandlines, Vale, CLdN, Nippon Marine, and Socatra. Led by CEO Tuomas Riski, the company intends to scale production and expand the reach of its fuel-saving and emissions-reducing technology. Norsepower recently raised €28M in a Series C to support those plans. Norsepower is a Finland-based cleantech startup that develops software-operated wind propulsion systems (Rotor Sail) for large ships. Founded in November 2012, the company focuses on auxiliary wind propulsion to reduce maritime emissions. It has completed installations including the Rotor Sail onboard Viking Line’s M/S Viking Grace in April 2018 and has worked on projects with Maersk Tankers and Viking Line. Norsepower has raised more than €13 million to date prior to this round, with its most recent previous funding in 2016 from the European Commission and Finland’s Tekes. The company has just raised €3.6 million in a funding round led by Korkia. Proceeds will be used to drive expansion in Asia, invest in sales and marketing to raise market awareness, and to optimise and streamline manufacturing to improve cost efficiency. Norsepower develops the Rotor Sail Solution, a modernized Flettner rotor that uses the Magnus effect to harness wind power and cut fuel use for cargo vessels. The system can be retrofitted to existing ships or specified for newbuilds and is intended to allow main engines to be throttled back when conditions permit. The company recently installed a second rotor sail on Bore’s Ro‑Ro vessel MS Estraden as part of testing and piloting. Norsepower was established in November 2012 and is led by CEO Tuomas Riski. The firm has raised more than $6m to date, supporting development, testing and piloting of its technology. The recent financing will further support deployment and commercialization of the Rotor Sail Solution.

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