Sail manufacturer Norsepower has received fresh funds to increase propagation of its cylindrical rotor sail, which cuts a chunk of carriers’ CO2 emissions.
In a new Series C investment round, the Finnish company raised EUR 28m, a press release states.
The round’s biggest investor was the private, French equity fund Mirova Environment Acceleration Capital Fund.
”We are thrilled to support Norsepower in their journey to empower the shipping industry towards reaching the goal of zero carbon emissions, and together play an active role in the environmental transition,” Investment Director at Mirova Youssef Belatar comments in the press release.
The funds from the investment round will aid scaling and accelerating Norsepower’s production of the distinctive sails to meet an increasing global demand. Additionally, the new funds will strengthen the Finnish company’s product development, marketing, recruitment, and more.
According to Norsepower’s CEO, Tuomas Risiko, there are 30,000 vessels globally that could benefit from being retrofitted with a sail.
”Our goal is simple – to cut the emissions of large ships by saving fuel with our proven Norsepower Rotor Sails. We empower the industry to use our product alongside other technologies to achieve zero-carbon, cost effective sailing. It’s a win-win for everyone, including the planet,” Risiko states in the release.
Norsepower was founded in 2012 and has since retrofitted eight ships with rotor sails. The sails reduce emissions from their vessels by 5-25 percent, the company claims.
The International Maritime Organization (IMO) under the UN has approved of halving the shipping industry’s emission of greenhouse gases in 2050. Several nations are, however, pushing for the more ambitious target of net zero emissions by 2050.
In July, the IMO’s climate committee will meet to revise its 2050 target.
English edit: Christian Radich Hoffman