Wind-powered solutions for maritime industry – Norsepower secures a EUR 28 million Series C

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Norsepower Oy Ltd., hailing from Finland, is the leading global provider of mechanical sails, and its Norsepower Rotor Sail™ technology provides wind-powered propulsion for cargo and cruiseships. The fresh EUR 28 million growth financing from a Series C round will support the scaling of company’s production and further R&D work on its technology.

Lead investor in the round was Mirova Environment Acceleration Capital from France. Additionally, OGCI Climate Investments, VNT Management, Tesi, NEFCO, and Finnish Climate Fund participated. 

Wind is a natural power source in maritime areas. The sails developed by Norsepower utilise it, and they are shown to decrease emissions from cargo and cruise ships. As maritime industry relies heavily on fossil fuels, it needs a broad front of innovations that support the green transition. Norsepower is one great example of such innovation. Tesi welcomes this opportunity to continue supporting a growth company with a high business and impact potential,” comments Samppa Sirviö, Investment Manager in Tesi. 

Norsepower is in the EAKR portfolio that was transferred from Finnvera to Tesi in the autumn 2021.

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Additional information: 

Samppa Sirviö, Investment Manager, Venture Capital Investments
+358 50 518 6063

Tesiwants to raise Finland to the forefront of transformative economic growth. We develop the market, and work for the success of Finnish growth companies. We invest in venture capital and private equity funds and directly in growth companies. We provide long-running support, market insights, patient capital, and skilled ownership. | Twitter | LinkedIn | Newsletter