Norsepower hit the headlines earlier this year after two of its Flettner Rotors were fitted to Maersk Tankers' LR2 product tanker Maersk Pelican.
The Finnish company was only founded in 2012, and has now concluded its equity financing round, raising €3.6M (US$4.1M) in funding to drive the company’s expansion and growth plans.
The equity financing round was conducted in partnership with Korkia, a leading investment firm in Finland that partners with disruptive growth companies.
While the financing round saw Norsepower’s existing investors subscribe to shares, new investors formed the majority – signalling the growing interest in Rotor Sail technology.
Norsepower chief executive Tuomas Riski commented “This round of financing builds on an outstanding year for Norsepower, having successfully completed the installation of our Rotor Sail solution technology on board 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.”