Norsepower Oy Ltd

Based in Finland, Norsepower Oy Ltd develops innovative wind propulsion technologies that enhance fuel efficiency for maritime vessels, contributing to greener shipping operations. Norsepower Oy Ltd, founded in 2012 in Helsinki, Finland, focuses on wind propulsion solutions for the maritime industry. The company has successfully raised EUR 28. 00 mn in its Series C funding round in March 2023, led by Mirova, with participation from several other investors.

The CEO is Tuomas Riski, who has a strong background in the maritime and engineering sectors. Norsepower specializes in innovative wind propulsion solutions through its flagship product, the Norsepower Rotor Sail™ system. This technology utilizes the Magnus effect to provide auxiliary propulsion for various vessel types, including tankers and bulk carriers. Since its market introduction in 2014, Norsepower has installed Rotor Sails™ on 18 vessels, successfully aiding in energy efficiency at sea while catering to shipowners and operators globally.

In 2023, Norsepower reported a revenue of EUR 2,176,768. 70 and an EBITDA of EUR 1,307,800. 10. Their revenue model primarily revolves around the sale and installation of Rotor Sails™, along with maintenance and optimization services, targeting shipowners keen on fleet modernization to comply with environmental regulations.

Following the recent funding round concluded in March 2023, Norsepower plans to enhance its manufacturing capabilities and expand its market reach for its environmentally friendly products. The company aims to leverage the EUR 28 mn raised to boost production and facilitate entry into new markets, particularly focusing on regions with stringent sustainability mandates in maritime operations.