Climate Investment expands backing of Norsepower, leading provider of mechanical sails for large ships
28 March 2023
- OGCI Climate Investment (CI) participated in recent €28 million Series C funding round for leading provider of mechanical sails for large ships, Norsepower
- Norsepower’s available Rotor Sail technology can reliably minimize ship’s fuel consumption and emissions, accelerating the sector’s decarbonization
LONDON, 28 March 2023 — OGCI Climate Investment (“CI”), a specialist investor focused on enabling capital-efficient decarbonization, has made an additional investment in Norsepower Oy Ltd., a leading global provider of mechanical sails for large ships. The investment formed part of Norsepower’s €28 million Series C funding round.
CI initially invested in Norsepower in 2019, with additional investment in 2022. The latest funding round, led by Mirova Environment Acceleration Capital, will help Norsepower accelerate the scaling of its business.
Around 3% of global annual greenhouse gas (GHG) emissions are generated by shipping, representing a huge opportunity for decarbonization. Norsepower can help decarbonize about 30,000 ships today, as they can be fitted to carry its unique modernization of sails. Once installed on an appropriate vessel, the Rotor Sail can harness the power of the wind to drive down the average fuel usage by as much as 25%, therefore reducing the GHG intensity of the vessel.
Iain Fergusson, Board member of Norsepower and General Counsel of Climate Investment, said: “There’s a pressing need to facilitate more deployments and funnel investment into decarbonizing shipping where, as Norsepower demonstrates, innovation is already delivering meaningful fuel and emissions savings for global operators. We are delighted to expand our backing of Norsepower and look forward to driving further adoption and impact.”
Norsepower’s customers include Bore, Sea-Cargo, Scandlines, Vale, CldN, Nippon Marine, and Socatra.