Nefco, the Nordic Green Bank, has signed a loan agreement with Norsepower Oy Ltd, a Finnish cleantech company. As the world’s leading supplier of auxiliary wind propulsion systems, Norsepower’s Rotor Sail technology provides efficient, easy-to-use and reliable auxiliary wind propulsion for the shipping industry with installations already on board oil tankers, bulk carriers, RoRo ships and ferries. The technology has a proven average fuel savings record of 5-25%.
“Our mission is to reduce the environmental impact of sailing through the commercialization of innovative and modern sailing power. With the Energy Efficiency Index for Existing Ships (EEXI) and the Carbon Intensity Indicator (CII) from the International Maritime Organization (IMO) coming into force in early 2023, Rotor Sails can help ship owners improve their ratings against these criteria to help future-proof their fleet. Thanks to Nefco’s financing, we will be able to invest in our production capacities in Asia in order to be well positioned to meet the growing demand for our Rotor Sail technology,” said Tuomas Riski, CEO and Partner of Norsepower.
Nefco’s funding will be channeled into investments in Norsepower’s production center in China. In recent years, Norsepower has established two wholly-owned subsidiaries in Hong Kong and Yancheng to meet growing demand in Asia. The new financing is a continuation of the cooperation with Nefco. The Yancheng subsidiary started with a feasibility study co-financed by Nopef, the Nordic Project Fund, which is a financial instrument managed by Nefco that supports the international growth of Nordic SMEs.
Nordic clean technology reduces the environmental impact of shipping
Using technology based on the Magnus Effect, the patented Norsepower Rotor Sails slow down the main engines, saving fuel and reducing emissions while providing the power needed to maintain speed and trip duration. Norsepower Rotor sails have several special patented features, which guarantee their durability, safety, long life, ease of use and low maintenance costs.
Environmentally, Norsepower rotor sails contribute to the reduction of greenhouse gases and other emissions, such as sulfur and nitrogen oxides and particulate matter from ships, as each rotor sail in operation replaces directly the main propulsion power which is generally derived from fossil fuels. fuels. With typical annual fuel savings of 300 tonnes per Rotor Sail, the avoided emission reductions are 900 t CO2/a.
“This loan agreement is the culmination of our successful cooperation with Norsepower. Norsepower’s modern sail technology is fascinating and offers a solution for the shipping industry which faces increasing cost and environmental constraints,” says Helena Lähteenmäki, Investment Manager at Nefco.
Norsepower’s next installation is scheduled for later this year for CLdN, the road, sea and rail logistics specialist, aboard a 2018-built ro-ro vessel, MV Delphine.