Finnish company Norsepower secures €28M in Series C round

Norsepower, a Helsinki-based global provider of mechanical sails for large ships, has secured €28 million in its Series C investment round. France-based Mirova led the round, while The Finnish Climate Fund, OGCI Climate Investments, The Nordic Green Bank, Tesi, and Power Fund III participated.

• Founded in 2012 by Tuomas Riski, Norsepower is a Finnish clean technology and engineering company that pioneered renewable wind energy for maritime industry. The company offers a patented solution rotor solution, which is currently by 30,000 water vessels.
• The solution is a modernised version of the Flettner rotor, that uses a minimal amount of ship’s electric power to rotate cylinder-shaped rotors on the ship’s deck. This rotation together with wind generates powerful thrust, which in part saves fuel and reduces carbon emissions.

• The €28 million Series C round was a combination of equity financing and loans. French asset manager Mirova the investment round through its impact private equity Mirova Environment Acceleration Capital fund.
• In addition to the lead investor, other notable participants included the Finnish Climate Fund (Ilmastorahasto), Nefco – The Nordic Green Bank, and Tesi. OGCI Climate Investments, and Power Fund III joined the funding as the already existing investors.
• The fresh capital will help Norsepower scale up its production and meet increasing global demand. It will also strengthen the company’s product research and development, marketing, recruitment, and sizeable intellectual property portfolio.