‘World’s first’ capital partner for shore power launched in Norway

Backed by a European investment fund with over €300 million earmarked for green port investments, a new company acting as the “world’s first” capital partner for shore power, Seacap, has been launched.

Said to be the first global capital partner focused specifically on sustainable port development, with a focus on shore power and emissions-free infrastructure, Seacap was officially launched on May 26.

The initiative is led by a Norwegian team founded by Robert Svendsen, Styrk Bekkenes, and Torvald Ulland Reiestad, gathering experts in finance, the maritime sector, and green solutions.

As understood, the company focuses on both shore power and other forms of green port infrastructure for new and existing facilities, and it aims to support extensions, upgrades, and multi-phase port investments over time.

In line with this goal, Seacap has entered into a partnership with a European investment fund that will provide the company with access to more than €300 million earmarked for shore power and green port infrastructure across Europe and enable it to serve as a long-term partner for ports aiming to decarbonize.

“We’ve developed a model that removes the biggest barrier: access to capital. Our solutions make it possible to act today – not five or ten years from now,” said Robert Svendsen and Styrk Bekkenes, Founders of Seacap.

“Many ports are municipally owned, with competing investment needs in schools, healthcare, and core infrastructure. With Seacap, green port development doesn’t have to compete with other vital public projects.

“We offer a simple structure and long-term certainty – allowing ports to take control of their green transition. It is good for the municipal owners, for the climate, and for the users of our ports who are increasingly demanding green solutions for their vessels.”

According to Svendsen, the company intends to act as “an accelerator for the transition to zero-emission solutions in the maritime industry” and remove the financing barrier to help ports stay ahead and position themselves for a zero-emission future, without tying up equity or taking on investment risk.

Seacap expressed its ambitions for Norway to serve as the starting point for a wider European green infrastructure initiative since the country is said to own some of the world’s most advanced electrification policies.

Norway recently set out a plan to cut greenhouse gas (GHG) emissions by at least 70-75% by 2035, compared to 1990 levels, building on the country’s current commitment under the Paris Agreement, which entails at least a 55% reduction by 2030.

The nation’s government is already mandating that all ferries operating along its coastline transition to electric propulsion by 2030.