OGCI Climate Investments (“CI”), a specialist investor focused on enabling capital-efficient decarbonization, has made an additional investment in Norsepower Oy Ltd., a leading global provider of mechanical sails for large ships. The investment formed part of Norsepower’s €28 million Series C funding round.
CI initially invested in Norsepower in 2019, with additional investment in 2022. The latest funding round, led by Mirova Environment Acceleration Capital, will help Norsepower accelerate the scaling of its business.
Iain Fergusson, Board member of Norsepower and General Counsel of Climate Investments, said: “There’s a pressing need to facilitate more deployments and funnel investment into decarbonizing shipping where, as Norsepower demonstrates, innovation is already delivering meaningful fuel and emissions savings for global operators. We are delighted to expand our backing of Norsepower and look forward to driving further adoption and impact.”
Norsepower’s customers include Bore, Sea-Cargo, Scandlines, Vale, CldN, Nippon Marine, and Socatra.