Norsepower was founded in late 2012 with a mission to reduce the environmental impact of shipping by providing efficient, easy to use, and reliable auxiliary wind propulsion for ships – through its Rotor Sail Solution technology. The concept of Rotor Sails was first devised by Finnish inventor and architect Sigurd Savonius in the 1920s, concurrently with German engineer Anton Flettner.
Norsepower’s business concept was initially developed in collaboration between founding board members Moray Martin of MB Martin and Partners Limited, and Erik Floman from Korkia Venture Insight. The inventors of our current Rotor Sail design are our CEO, Mr Tuomas Riski, who designed the automation system which controls Norsepower Rotor Sails, and our advisor, Professor, Dr. H.C. Kai Levander, whose ideas are reflected in the core mechanics of Norsepower Rotor Sails.
Our vision is to maintain the market leader position in a growing market for auxiliary wind propulsion systems for large ships. Our entire team is strongly motivated by our mission to reduce the environmental impact of shipping with our Rotor Sails.
Since its establishment, Norsepower has raised more than USD20m to facilitate development, piloting, and commercialisation of the Norsepower Rotor Sail Solution. The main investors supporting Norsepower are Power Fund III, OGCI, our first venture capital investor Lifeline Ventures Oy, EAKR Aloitusrahasto Oy, Valve Ventures Oy and Korkia Venture Insight. Norsepower is also funded by TEKES – the Finnish Funding Agency for Technology and Innovation, and the European Commission's Horizon 2020 Framework Programme for Research and Innovation.