Approximately 2.5% of global annual greenhouse gas emissions are generated by shipping, and shipping accounts for 13.5% of the EU’s total GHG emissions. Shipping emissions are projected to grow without further action, therefore, the development and scale-up of emissions-reducing solutions for the shipping sector is crucial.

Norsepower reduces emissions by providing ships with wind-powered propulsion using the company’s proprietary rotor sail. Depending on the wind conditions, Norsepower's product can reduce the vessel's fuel consumption by 5–25%, which generates a significant reduction in shipping emissions.

”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”, says 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.”

”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”, says Paula Laine, CEO of the Finnish Climate Fund.