Rotor sail manufacturer Norsepower has announced it has secured a loan of nearly €10 million from the Finnish Climate Fund for increasing production capacity.
‘The future of shipping is emission free, and Norsepower’s technology for cutting fuel costs and greenhouse gas emissions is a part of that future,’ commented Norsepower’s CEO, Tuomas Riski. ‘Norsepower is an ambitious growth company and the Climate Fund’s investment accelerates the scale-up of our production considerably from what we could have achieved with organic growth alone. The involvement of a state entity also lends us credibility abroad.’
Paula Laine, CEO of the Finnish Climate Fund, added: ‘The reduction of shipping emissions is an important step on the way to carbon-neutral logistics and transport.Like many others, this climate challenges requires several parallel solutions. Norsepower’s rotor sails are an immediately available solution, especially for emissions-intensive ocean tankers. The Climate Fund’s investment accelerates the product’s scale-up on the market and thus also its emissions reductions.’
As previously reported, last week, Norsepower announced it had signed a contract with French ship owner and operator Socatra for the retrofit of two of its rotor sails on the Medium Range (MR) tanker Alcyone.
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