NORSEPOWER WINS BACKING FOR CHINESE ROTOR SAIL PRODUCTION

Jun 21, 2022 | Maritime business news

Finnish company Norsepower has signed a loan agreement with Nefco, the Nordic Green Bank, which will accelerate Rotor Sail production within Asia.

Norsepower’s Rotor Sail technology provides auxiliary wind propulsion for shipping with installations already onboard tankers, bulkers, ro-ro ships and ferries. The clean technology is said to offer a proven average fuel savings record of 5-25%.

Financing from Nefco will be channelled to investments in the Norsepower production hub in China. Over recent years, Norsepower has established two fully owned subsidiaries in Hong Kong and Yancheng to respond to the growing demand in Asia. The new financing is a continuation of cooperation with Nefco. The Yancheng subsidiary started with a feasibility study co-financed by Nopef, the Nordic Project Fund, which is a financial instrument managed by Nefco that supports international growth of Nordic Small and medium-sized enterprises.

Tuomas Riski, CEO Norsepower said: “Our mission is to reduce the environmental impact of shipping through the commercialisation of innovative and modern sail power. With the IMO’s Energy Efficiency Existing Ship Index (EEXI) and Carbon Intensity Indicator (CII) coming into effect at the start of 2023, Rotor Sails can help ship owners improve their ratings against these criteria to help future-proof their fleet. With Nefco financing, we will be able to invest in our production capabilities in Asia so that we are well positioned to meet rising demand for our Rotor Sail technology.”

With a technology based on the Magnus effect, the patented Norsepower Rotor Sails allow the main engines to be throttled back, increasing shipping fuel savings and reducing emissions while providing the power needed to maintain speed and voyage time. Norsepower Rotor Sails have several patented special features, which ensure durability, safety, long lifetime, easy operations, and low maintenance costs.

On the environmental side, the Norsepower Rotor Sails contribute to the reduction of greenhouse gases and other emissions, such as sulphur and nitrogen oxides and particulate matter from ships, as each Rotor Sail in operation directly replaces the main propulsion power that is typically derived from fossil fuels. With typical annual fuel savings of 300t per Rotor Sail, avoided emission reductions are 900t CO2/a.

Helena Lähteenmäki, Investment Director, Nefco, said: “This loan agreement is a culmination of our fruitful cooperation with Norsepower. Norsepower’s modern sail technology is fascinating, and it offers one solution for the shipping industry that faces increasing cost and environmental constraints.”

Norsepower’s next installation is planned for later in 2022 for logistics company CLdN, onboard a 2018-built ro-ro vessel, the Delphine.

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