NORSEPOWER, IINO LINES, AND MIZUHO LEASING COMBINE TO
LAUNCH GROUNDBREAKING ROTOR SAIL LEASING INITIATIVEGroup aims to remove financial barriers to accessing the benefits of theNorsepower Rotor SailTM
HELSINKI, Finland: 31 October 2023: Norsepower Oy Ltd., the leading global provider ofmechanical sails for large ships, IINO Kaiun Kaisha, Ltd. (IINO Lines), and Mizuho Leasing
Company, Limited (Mizuho Leasing) have jointly and exclusively signed a co-operationagreement to launch a ground-breaking mechanical sail leasing initiative for the NorsepowerRotor Sail™. This aims to increase shipping companies’ access to Norsepower’s product tohelp reduce fuel consumption, greenhouse gas (GHG) and other related emissions.
The partnership brings extensive experience in lease financing, including expertise in leasingsustainable technologies, which is combined with Norsepower’s nearly 10-year track recordof successful installations onboard commercial vessels.
The International Maritime Organization (IMO) recently set a net zero emissions target for
close to 2050. However, the adoption of proven, commercialised energy efficiency products
such as the Norsepower Rotor Sail™ is hindered by the traditional requirement for upfrontinvestment. This initial investment can be a significant barrier to technology take-up for small
to medium-sized shipowners and operators, despite the achievable fuel consumption, GHG
and other emissions reductions. This failure means that thousands of vessels on the water
today are missing out on the potential benefits of the Norsepower Rotor SailTM. The newservice aims to remove these barriers and enable greater accessibility to finance
Norsepower’s product.
The initiative’s focus is to provide shipowners and operators with leasing packages for theNorsepower Rotor SailTM which start at a minimum five-year term against a fixed monthly fee.
The concept is being developed amid growing recognition that GHG and other emissions
reductions with low carbon or green fuels alone prior to 2030 will be minimal. This is due tothe limited availability of alternative fuels, placing an onus on energy efficiency solutions like
Norsepower Rotor SailsTM to maximise energy efficiency savings.
Tuomas Riski, CEO, Norsepower, said: “Norsepower Rotor SailsTM are now an undisputed
choice for making meaningful emissions reductions and managing escalating fuel bills. Having
our product as standard onboard all suitable vessels should be feasible for shipowners andoperators of all sizes. That’s why we’re delighted to introduce new, competitively priced leasing
services with our partners. By doing so, we could lower upfront capital requirements andencourage vessel owners to take action and upgrade their fleets.
We are proud to bring this initiative to market with such high calibre organisations as IINO
Lines and Mizuho Leasing. Through collaborating, we aspire to offer combined access tosignificant credit facilities as well as leveraging IINO Lines and Mizuho Leasing’s extensive
leasing experience across sustainable technologies, maritime assets and beyond.”
Ryuichi Osonoe, Director, Senior Managing Executive Officer at IINO Lines,
commented: “We have fostered a strong relationship with Norsepower, installing its rotor sails

on two of our vessels. Now, we want to make this product more accessible to the industry. We
are confident that bringing together our complementary leasing and finance capabilities withNorsepower’s proven product will accelerate the shipping industry’s journey todecarbonisation.”
Yasuhiko Hashimoto, Managing Executive Officer at Mizuho Leasing, added: “Throughour work in other sectors, we have seen first-hand how improving access to finance andproviding flexible options for accessing sustainable technologies can make a real-world impact
on improving environmental performance. We are excited to apply our experience to themaritime industry and support IINO Lines and Norsepower in achieving our shared ambition
to make the use of energy-efficient technologies a scalable reality.”
The Norsepower Rotor Sail™ is a modernised version of the Flettner rotor. It uses a small
amount of the ship’s electric power to rotate cylinder-shaped rotors to generate powerful thrustthat saves fuel and reduces emissions. Vessel and cargo owners have already used theproduct for nearly 10 years, accumulating around 300,000 operating hours of verified
performance data that show average fuel consumption savings of between 5-25%, or more ingood conditions. These savings have been measured and analysed independently in various
projects by Lloyd’s Register as well as ABB, NAPA, RISE, Chalmers University ofTechnology and VTT.
Nearly 30,000 vessels across tankers, bulk carriers, gas carriers, roll-on/roll-off, andpassenger vessels currently on the water can benefit from Norsepower Rotor Sails™. It is aproven commercialised product that could reduce CO2 emissions across the global fleet by 80
megatons, which is about 10% of all global shipping’s greenhouse gas emissions.
--ENDS--

Artistic rendering of vessels equipped with Norsepower Rotor Sails™

Notes to editors
About Norsepower
Norsepower Oy Ltd is a Finnish clean technology and engineering company pioneering modernauxiliary wind propulsion for the global maritime industry. The Norsepower Rotor Sail™ has beenused by customers for nearly 10 years and has been proven as a low-maintenance, easy to use,
and reliable fuel saving product, which is supporting the decarbonisation of the shippingindustry.
Since its establishment in 2012, Norsepower has raised more than €40 million in funding. It has
now installed Norsepower Rotor Sails™ onboard eight vessels. Next upcoming installations on
ten ships include the combination carrier M/V Koryu, MR tanker Alcyone, capesize bulk carrier
Camellia Dream, two CO₂ carriers as well as a VLGC, cement carrier and further two bulk
carriers to be installed and on the water within the next 12 months. Each installation has madesignificant reductions to fuel costs and emissions, confirmed by independent third-party verifiers
such as ABB, NAPA, and Lloyd’s Register. Other shipowners, charterers, and shipyards havebeen convinced of the Norsepower Rotor Sail™ benefits. They are taking steps, such as fleetwide negotiations, to harness the technical and economic feasibility of Norsepower Rotor Sail™.
For more information on the Norsepower Rotor Sail™ product, please
visit: www.norsepower.com
About IINO Lines
IINO Lines is a Tokyo-based company founded in 1899 and runs Oceangoing Shipping, Shortsea Shipping and Real Estate businesses. In Oceangoing Shipping business, IINO Lines
provides services worldwide and transports energy resources and its related products such as
crude oil, LNG, LPG, petrochemicals and dry cargoes as a shipowner and operator. As of March31, 2023, we own and operate a total of 93 vessels, including 4 VLCCs, 37 chemical tankers, 20
dry bulk carriers, 8 large gas carriers, and 24 small gas carriers.
IINO Lines has formulated the mid-term management plan, “The Adventure to Our Sustainable
Future,” in May 2023, and is stepping up its efforts to address climate change and othersustainability issues with the reduction targets of greenhouse gas emissions. In Shipping
business, 20% reduction per ton-mile compared to FY2020, and in Real Estate business, 75%
reduction in total amount compared to FY2013 by FY2030, and achieving the goal of carbon
neutrality company-wide by 2050. We are aggressively investing in innovative technologies.
For more information, please visit: www.iino.co.jp/kaiun/english/index.html
About Mizuho Leasing
Mizuho Leasing leverages its expertise in equipment and other assets including ships, in-depth
understanding of commercial distribution, and sophisticated financial knowledge to provide awide range of financial and business services. We place the field of environment and energy as
one of the focus areas in the Medium-Term Management Plan 2025 (FY2023 - FY2025), and arestrengthening investment initiatives in renewable energy business and the energy savingsolutions to customers. Through this business, we will aim to realize a sustainable society, while
the importance of solving climate change and resources/energy problems increases, by further
contributing to realization of a carbon-neutral society.
For more information, please visit: www.mizuho-ls.co.jp/en/
For media requests, please contact:
Norsepower (Rohini Lakhani, BLUE Communications rohini@blue-comms.com)
For enquiry for leasing of Norsepower Rotor Sail™, please contact:
Norsepower (sales@norsepower.com)