Scandinavian companies are leading the way in developing sustainable energy technologies. Finland-based cleantech startup Norsepower is one such company, developing software operated wind propulsion systems for ships. The company has just raised €3.6 million in a funding round led by Korkia.
Founded in November 2012, Norsepower has raised more than €13 million to date, most recently in 2016 from the European Commission, and the Finnish Government’s funding agency for Innovation, Tekes. Over the last year the company has celebrated a number of successes, including the installation of its Rotor Sail technology onboard Viking Line’s M/S Viking Grace in April 2018, making it the first passenger ship in the world using auxiliary wind propulsion.
Norsepower will use the funding to drive its expansion plans in Asia, and to invest in sales and marketing activities to raise market awareness about wind propulsion technology. The company also plans to optimise and streamline its manufacturing operations to improve cost efficiency.
Tuomas Riski, CEO of Norsepower, commented: “This round of financing builds on an outstanding year for Norsepower, having successfully completed the installation of our Rotor Sail solution technology onboard two pioneering projects supported by leading shipping companies Maersk Tankers and Viking Line. We are excited to close this round with the support of an outstanding group of investors who share our vision to maintain the market-leading position in a growing market for auxiliary wind propulsion systems for large ships. We have set ambitious targets for the commercialisation of our technology, and closing this financing round is a major enabler for the company to achieve these.”