We advised Mirova as the lead investor, through its impact private equity fund Mirova Environment Acceleration Capital, in the EUR 28 million financing round in Norsepower, the leading global provider of mechanical sails for large ships.
Norsepower’s Rotor Sail uses a minimal amount of the ship’s electric power to rotate cylinder-shaped rotors on the ship’s deck. Rotation together with wind generates powerful thrust, saving fuel and reducing emissions. Data measured and analysed independently by Lloyd’s Register as well as ABB, NAPA, Chalmers University of Technology and VTT shows fuel consumption savings of 5-25% or even more. Norsepower’s customers include shipping companies and charterers like Bore, Sea-Cargo, Scandlines, Vale, CLdN, Nippon Marine, and Socatra.
The new funding will help accelerate Norsepower’s scale of production and help meet increasing global demand. It will also strengthen Norsepower’s product research & development, marketing, recruitment, and sizeable intellectual property portfolio.
Other participants in the financing round included the Finnish Climate Fund, OGCI Climate Investments, Nefco, Power Fund III and Finnish state-owned investment company Tesi.
Mirova is a wholly owned subsidiary of Natixis Investment Managers, one of the largest asset managers in the world. Mirova manages funds across various asset classes focusing on responsible investment, and currently has approx. EUR 27.2 billion in assets under management.