Photo credit: Norsepower

Finland-based Norsepower, a global provider of mechanical sails for large ships, has secured 28 million euros from investors in its latest Series C fundraising round, which it will use to scale up production and expand the reach of its fuel-saving, and emissions-reducing technology.

French asset manager Mirova, an affiliate of Natixis Investment Management dedicated to sustainable investment, led the fundraising through its impact private equity Mirova Environment Acceleration Capital fund. Additional participants in the round included The Finnish Climate Fund, OGCI Climate Investments, Nefco – The Nordic Green Bank, Tesi, and Power Fund III.

The new funding will help accelerate Norsepower’s scale of production and it will also strengthen Norsepower’s product research and development, marketing, recruitment, and sizeable intellectual property portfolio.

Commenting on the funding, Tuomas Riski, CEO, Norsepower, said: “Our goal is simple – to cut the emissions of large ships by saving fuel with our proven Norsepower Rotor Sails. We are going to bring a modern spin to wind propulsion technology. We empower the industry to use our product alongside other technologies to achieve zero-carbon, cost effective sailing. With over 30,000 vessels globally that can benefit from our product, our scale-up ambitions are bold but realistic. It’s a win-win for everyone, including the planet. The additional funding from one of the world’s leading sustainability investors is a massive leap in the right direction and a clear vote of confidence in our brilliant team, innovative technology, and the overall trajectory of our business.”

According to Norsepower, there are currently 30,000 vessels on the water today that can benefit from its rotor sails, which highlights the opportunity to reduce CO2 emissions across the global fleet by 80 megatons on an annual basis. As the company claims “the data shows fuel consumption savings of 5% to 25%, or even more.”