The Finnish Climate Fund has decided on a capital loan of at most 10 million euros to rotor sail manufacturer Norsepower for increasing its production capacity. Norsepower s products save significant amounts of fuel and can enable emissions reductions measured in the millions of carbon dioxide tonnes during the next decade.
Shipping emissions are a major climate challenge. Approximately 2.5% of global annual greenhouse gas emissions are generated by shipping, and shipping accounts for 13.5% of the EU s total GHG emissions.
Norsepower Oy, a global provider of auxiliary wind propulsion systems, announced a contract with Dalian Shipbuilding Industry Co. Ltd. for delivery of single Rotor Sails onboard two newbuild liquefied natural gas (LNG)-powered, wind-assisted CO₂ carriers commissioned by the Northern Lights JV. Northern Lights JV is developing the transportation and storage.