Norsepower secured $4.1M in a new equity funding round led by Korkia.
Norsepower, a Helsinki, Finland-based provider of low maintenance, software operated, and data verified auxiliary wind propulsion systems, announced that it completed an equity financing round, raising €3.6million ($4.1M) in funding to drive the company’s expansion and growth plans.
The round was supported by new and existing investors, led by Korkia, an investment firm from Finland. The money will be used to expand production of its Rotor Sails in Asia, as well as ramp-up its search for potential supplier partners within the region. The proceeds will also be used to drive Norsepower’s sales and marketing activities to raise market awareness of wind propulsion technology and accelerate growth. Lastly, Norsepower aims to optimise and streamline its manufacturing operations – ensuring greater cost efficiency.
Norsepower, founded in 2012 and led by CEO Tuomas Riski, developd the Norsepower Rotor Sail Solution, a modernised version of the Flettner rotor, a spinning cylinder that uses the Magnus effect to harness wind energy and propel ships. The solution, which is suitable for both newbuilds and retrofitting, has the ability to deliver fuel and emissions savings of up to 20% when wind conditions are favourable.
The company's clients include Maersk Tankers, Viking, Line, and Bore.
Norsepower has raised more than $15 million of funding, most recently in the summer of 2016 from the European Commission, and the Finnish Government’s funding agency for Innovation, Tekes.