OGCI Climate Investment, along with current investors, has led the latest investment round aimed at bringing Norsepower's Rotor Sails solution onto global markets.
The investment will enable the Finnish company to scale up production at its manufacturing facilities as part of the next phase of commercialisation triggered by demand for its renewable wind energy propulsion systems. "The increased take-up comes at a time when the international shipping industry looks to offset expensive fuel costs - that are likely to increase following the IMO's 2020 global sulphur cap - and prepare for IMO GHG emissions targets in 2030 and 2050," Norsepower wrote in a press release.
Tuomas Riski, CEO, Norsepower, added to this, "Importantly, this partnership will also allow Norsepower to deliver cleaner solutions for the oil tanker market as it strives to increase sustainability and decarbonise in its role as a critical vehicle for the world economy."
Pratima Rangarajan, CEO, OGCI Climate Investments, also said, "Improving energy efficiency is fundamental to reducing carbon emissions. Norsepower's Rotor Sail technology is an innovative, impactful and immediately available solution that improves vessel efficiency, reducing fuel consumption. We look forward to working with Norsepower to deliver real impact to the shipping sector's CO2 emissions."
The Norsepower Rotor Sail Solution, which can be installed on new vessels or retrofitted on existing ships without off-hire costs, is a modernised version of the Flettner rotor - a spinning cylinder that uses the Magnus effect to harness wind to propel a ship. The solution is fully automated and senses whenever the wind is strong enough to deliver fuel savings, at which point the rotors start automatically.
Norsepower's Rotor Sails have been to date installed on-board three vessels, Bore's ro-ro Estraden, Viking Line's cruise ferry Viking Grace, and Maersk Tanker's Maersk Pelican. One of Scandlines' hybrid diesel-electric will get one in the near future, while Viking Line's cruise ferry newbuild, currently under construction in China and scheduled to set sail in 2020, will have two rotors mounted on her.
Photo: Viking Line