EMEA News
Norsepower Lands Million Euro Loan
Finnish Rotor sail manufacturer Norsepower has received a boost from the country's climate change investment fund.
The Finnish Climate Fund has put EUR10 million ($10.7m) into the company as capital. The aim of the loan is to increase production capacity at Norsepower, according to a report in the Helsinki Times
"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," Norsepower chief executive Tuomas Riski was quoted as saying.
The investment will allow the company to boost production considerably while the state entity's involvement adds credibility abroad, the executive added.
Rotor sails are rigid and positioned on the ship's deck. By harnessing wind power at sea, the technology reduces fuel consumption and vessel emissions.
