This is a legacy page. Please click here to view the latest version.
Fri 29 Jan 2016, 10:23 GMT

Fuel-saving rotor sail business gets EUR 3m funding


Norsepower says analytics and third-party verification has helped it evolve its rotor sail from an innovative system for trial to a marketable technology.



Finnish engineering company Norsepower Oy Ltd has today announced that it has received a EUR 3 million investment from a syndicate led by venture capital fund Power Fund III, and has installed a second rotor sail on Bore's ro-ro vessel, MS Estraden [pictured].

The Norsepower Rotor Sail Solution is a modernised version of the Flettner rotor - a spinning cylinder that uses the Magnus effect to harness wind power to propel a ship. When the wind conditions are favourable, Norsepower Rotor Sails allow the main engines to be throttled back, thus saving fuel and reducing emissions while providing the power needed to maintain speed and voyage time. Rotor sails can be used with new vessels or can be retrofitted on existing ships without off-hire costs.

A single Norsepower Rotor Sail was installed on the 9,700-deadweight-tonne (dwt) ro-ro carrier MS Estraden in early 2015. Although the weather conditions were largely calm over the three-month trial, data analysis from vessel performance monitoring and verification software, ClassNK-NAPA GREEN, is said to have shown that the rotor sail delivered "clear and significant savings of 2.5 percent".

Based on this evidence, Bore has ordered a second installation - the first commercial order for a Flettner rotor in shipping. Doubling the rotor sails has now proven to double fuel savings; NAPA - the maritime data analysis, software and services provider - recorded a 6.1 percent reduction in fuel consumption, avoiding 1,200 tonnes of CO2 emissions annually.

Norsepower says that measurement, analytics and third-party verification has helped it evolve its rotor sail from an innovative system for trial, to a marketable fuel efficiency technology with a clear business case.

The Finnish firm says that this has also helped increase its enterprise value and secure its future with the EUR 3 million investment from Power Fund III - a clean tech venture fund managed by VNT Management - which is intended to be used support Norsepower's growth and market expansion.

Tuomas Riski, CEO, Norsepower commented: "Since delivering our first proven application with Bore last year, our business has grown from strength to strength. With this significant investment from VNT and our first commercial installation, we have now cemented our position as leaders in the growing wind technology market. Objective data and impartial verification of the fuel savings delivered by the technology has been absolutely critical to this evolution and will remain central to the way in which we work with shipowners and operators."

Jouni Salo, Product Manager, Shipping Solutions, NAPA, remarked: "Independent verification of Norsepower's technology has required a significant and complex analysis process. The operating route of the vessel posed many challenges from differing wind conditions to varying sea depths, all of which impact fuel consumption and had to be accounted for with randomised trialling, robust data collection and advanced statistical modelling. The results, however, have made it all worthwhile. The two-sail installation is delivering the largest fuel saving of any efficiency technology NAPA has measured. We talk figures of Rotor Sails being effective 80% of sailing time, 460kW average propulsion boost and 1.5MW peaking for 10% of time. The fact that NAPA has not only proven this eco-efficiency technology, but also boosted Norsepower's enterprise value through orders and investment really shows the power of big data when applied correctly."

Victoria Stulgis, Senior Associate, Carbon War Room, said: "It is great to see Norsepower, Bore and NAPA collaborating to pilot this technology and conduct rigorous data analysis. These first movers are key to demonstrating that efficiency technologies such as wind have proven savings, which can unlock new sources of investment for Flettner rotors and other technologies that can deliver significant efficiency gains."


Methanol bunker fuel delivery. World Fuel Services and West Coast Clean Fuels launch methanol bunkering across US ports  

First over-the-water methanol delivery completed in South Florida with Coast Guard-approved procedures.

Valerie Ahrens. Burando Energies appoints Valerie Ahrens as global head of methanol  

Ahrens brings more than 30 years of energy sector experience to the marine fuels supplier.

New Sea Generation (NSG) logo. New Sea Generation seeks junior bunker trader in Greece  

Greek bunker firm advertises role requiring commitment to demanding work schedule and operational responsibilities.

Person signing a document. IINO Lines secures sustainable shipping finance for methanol dual-fuel VLCC  

Japanese shipowner signs impact financing agreement with Mizuho Bank for alternative-fuel tanker.

Fluxys logo. Fluxys Belgium reports EUR74.9m profit as LNG flows surge and hydrogen infrastructure begins  

Belgian gas infrastructure operator’s 2025 net profit fell 8.8% amid hydrogen and CO₂ investments.

VPS logo. Shale oil components detected in Singapore marine fuel | VPS  

VPS testing identifies 90,000 mt of delivered VLSFO containing Estonian shale oil compounds.

Constantinos Capetanakis, Star Bulk. IBIA chair completes two-year term, citing expansion in regulatory engagement and membership  

Outgoing chair to remain on Global Board and lead Future Fuels and Bunker Buyers’ working groups.

Aerial view of a container vessel. LNG and methanol investments risk becoming 'dead ends' for shipping decarbonisation, UCL study finds  

Research warns transitional marine fuels may lock in fossil infrastructure rather than enabling an ammonia pathway.

Vitalii Protasov, GENA Solutions Oy. Protasov: Renewable fuel supply could meet shipping demand, but offtake agreements remain a barrier  

GENA Solutions CEO highlights project pipeline growth but warns regulatory uncertainty hampers investment decisions.

Frontier Venture vessel. Wah Kwong takes delivery of first LNG-ready LR2 tanker with Bureau Veritas SMART notation  

Frontier Venture is first in newbuild series to achieve Group 3 'augmented ship' capabilities.


↑  Back to Top