VNT Management invests €3m in Norsepower

The funding round saw participation from a syndicate of investors led by VNT, which invested through Power Fund III, a 2011-vintage vehicle with €77m of commitments.

Norsepower's fresh capital will support the company's growth and market expansion, and follows the recent installation of a second rotor sail on a Finnish auto cargo vessel.

Previous funding
The engineering startup has now raised in excess of $6m since its foundation in 2012 from investors Finnvera, Lifeline Ventures, Wate and Tekes.

Company
Norsepower is a marine engineering business focusing on clean technology for the marine industry. The company develops auxiliary wind propulsion systems called rotor sails, which are designed to increase the propulsion efficiency of the vessels they are installed on.

People
Norsepower – Tuomas Riski (CEO).

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• Topics
• Early-stage
• Nordics
• Industrials
• Finland
• Venture