Norled, a ferry and fast boat operator in Norway, has secured a 7-year loan from the Nordic Investment Bank (NIB) to bolster its investments in zero- and low-emission vessels and related onshore infrastructure from 2024 to 2030. The loan, totaling 500 million Norwegian kroner, marks NIB’s first InvestEU loan in Norway and aims to support Norled’s efforts in expanding its fleet with environmentally friendly vessels.
Norway, known for its rapid electrification of the transport network, targets a 50 percent reduction in transportation emissions by 2030. With this loan, Norled aims to play a crucial role in achieving this goal by pioneering the use of new fuels like hydrogen and embracing green technologies such as batteries and hybrid solutions.
Harald Rokke, Director of Infrastructure and Project Financing and NIB’s representative in Norway, emphasized Norled’s pivotal role in leading the transition towards greener maritime transport. Norled, operating 41 ferries and 34 fast boat services across multiple regions in Norway, holds a significant position in the country’s transportation sector. The company’s commitment to sustainability aligns with the objectives of the InvestEU program, which aims to facilitate long-term financing for green and digital initiatives.
Owned by the global investment company CBRE Investment Management, Norled employs approximately 1,200 individuals and is headquartered in Stavanger, with branch offices in Bergen and Oslo.
The InvestEU program, supported by the European Union, Norway, and Iceland, leverages both private and public funds to advance key policy priorities such as sustainability and digitalization. NIB, an international financial institution owned by eight member countries, including Norway, finances projects within and beyond its member countries. The bank boasts the highest credit rating from leading agencies, further emphasizing its credibility and commitment to financing sustainable projects.
Norled’s Milestone: New Electric Ferries to Transform Stokkvågen-Lovund-Træna Connection, Cutting Emissions by 90%
Norled has secured the tender earlier for the ferry connections between Stokkvågen-Lovund and Stokkvågen-Træna, showcasing a concept that slashes emissions by up to 90 percent. The announcement comes as a significant stride towards sustainable transportation in Norway. Three cutting-edge battery-hybrid ferries are slated to commence operations on the route by 2027.
“The citizens and businesses in Nordland depend on good transport options, and we are looking forward to getting the new ferries into operation. We look forward to the collaboration with Norled to get new and environmentally friendly ferries in place,” says Marianne Dobak Kvensjø, county councilor for transport.
These new ferries, custom-designed for the connection, promise passengers and crew a serene voyage, propelled almost silently across the sea.
“We are looking forward to further cooperation with Nordland County Municipality and greatly appreciate the promotion of emission-free solutions in their tender. Norled has long and good experience with electric ferries, and we are looking forward to sailing electrically in Nordland as well,” states Heidi Wolden, managing director of Norled.
The trio of new vessels will each accommodate 60 passenger cars and 250 passengers, ensuring ample capacity for travelers. With a battery capacity of approximately 8,000 kWh, these ferries boast the largest battery capacity in Norway, further solidifying Norled’s commitment to sustainable transport solutions.
“Norled has an ambitious sustainability strategy with a clear goal of reducing emissions in our ferry and high-speed boat fleet until 2040. This means that we invest in low- and zero-emission vessels. The Stokkvågen-Lovund-Træna tender was therefore a tender we are very happy to win,” explains Heidi Wolden.
The construction of these innovative ferries will be undertaken by Havyard, following Norled’s letter of intent with the shipyard. LMG Marine has designed the boats, ensuring identical specifications across the fleet.
“It is very gratifying to be able to announce such news to our employees. The agreement gives us an excellent start for our investment in new construction. In addition, it will give us a long-term perspective which is very important. We greatly appreciate the process we have been a part of together with both Norled and LMG and are looking forward to the collaboration,” says Silje Smådal, sales manager at Havyard Leirvik.