What is Norsepower?
Norsepower specializes in the development and deployment of wind propulsion systems, most notably its innovative Rotor Sails. These mechanical sails utilize the Magnus effect to provide auxiliary propulsion, significantly reducing fuel consumption and greenhouse gas emissions for tankers, bulk carriers, and passenger vessels. Since its inception, the company has successfully installed over 32 units across 18 vessels, demonstrating a proven track record in maritime engineering. Beyond hardware, Norsepower provides comprehensive performance simulation and global maintenance services, ensuring that shipowners can optimize their environmental impact while maintaining commercial viability in a competitive global shipping market.
How much funding has Norsepower raised?
Norsepower has raised a total of $41.8M across 4 funding rounds:
Private Equity
$3.3M
Private Equity
$2.9M
Series C
$30.3M
Other Financing Round
$5.3M
Private Equity (2016): $3.3M, investors not publicly disclosed
Private Equity (2016): $2.9M led by Tekes and European Commission
Series C (2023): $30.3M supported by Mirova
Other Financing Round (2025): $5.3M, investors not publicly disclosed
Key Investors in Norsepower
Mirova
Mirova is an asset management firm dedicated to sustainable finance, merging financial performance with environmental and social impact through diverse investment strategies.
European Commission
The executive branch of the European Union, focusing on fostering economic cooperation and supporting initiatives that align with European values of sustainability and innovation.
Tekes
A Finnish government agency that provides funding and support for research, development, and innovation projects to foster industrial growth.
What's next for Norsepower?
With this latest round of financing, Norsepower is well-positioned to scale its manufacturing capabilities and expand its global service footprint. As the maritime sector faces increasing pressure to adopt green technologies, the company's focus will likely shift toward broader commercial adoption and the integration of its systems into new-build vessel designs. By capitalizing on the current momentum in sustainable maritime infrastructure, Norsepower is set to play a pivotal role in the industry's long-term decarbonization strategy, leveraging its established expertise to drive the next generation of wind-assisted shipping solutions.
See full Norsepower company page
