Econowind expands into deep sea shipping

Econowind has received 1 million euros from Invest International to develop and test its VentoFoil XL wind sail, which aims to reduce CO2 emissions on high seas.

Zeewolde-based Dutch Econowind has received one million euros of development capital from Invest International to develop and test their 24-30 metre VentoFoils XL. These are steel wind sails inspired by aviation technology and similar to aircraft wings. The VentoFoils are placed on large ships to harness the power of the wind, reducing fuel consumption and CO2 emissions by up to 15 per cent.
Econowind has been producing smaller VentoFoils for coastal shipping for several years, this new product will allow the company to open up the deep-sea market and accelerate its growth into a global player in green shipping. The first of two prototypes with the XL variant will be developed and tested in about two years. In addition to the development capital, Invest International is also providing export financing to Econowind.

Proven success

Econowind has been producing 10- and 16-metre-high VentoFoils for coastal shipping for several years. So now the VentoFoils XL are also entering the market: larger sails of 24 to 30 metres for deep-sea shipping. There are 50,000 vessels operating in this market worldwide. They are often at sea for longer periods, which means they consume more fuel. The larger sails will save relatively even more fuel and create an even bigger, positive impact on the environment. The VentoFoils XL are designed and made in Zeewolde and will be used on ships worldwide.

Two prototypes

The project for which the funding is intended includes the initial design and development, followed by the construction of two prototypes. These will undergo rigorous testing, both on land and at sea, to assess performance and safety. A basis for obtaining regulatory approval for the application. Although completion of the project is scheduled for summer 2027, Econowind is already in talks with several potential customers.

Good investment position

Michiel Slootweg, Director Private Sector at Invest International: “As a scale-up with innovative Dutch technology that contributes to making shipping more sustainable, Econowind fits perfectly into our portfolio. With partners like shipyard Damen and customers among the ten largest shipping companies worldwide, Econowind is well positioned for global roll-out. These international opportunities are partly a reason for us to step in with development capital here. It is capital that traditional financiers often do not have in house when a new product needs to be developed and tested, but which we can use precisely to give a product wings.”

Strong interest

Frank Nieuwenhuis, founder and CEO of Econowind: “With this development capital, we can accelerate our focus on the deep-sea market. Now that we have more than 100 sails delivered and in production for smaller seagoing vessels, the time has come for the VentoFoil XL. This will allow us to improve fuel efficiency and reduce CO2 emissions within the deep-sea market as well. Interest from the market is high and the market potential enormous. With wind propulsion, shipping is returning to its roots.”

Regional cooperation

For this financial transaction, Invest International worked closely with the Regional Development Companies (ROMs), more precisely with the North Netherlands Development Company (NOM) and Horizon Flevoland, which together contributed a further €2 million in equity.
Invest International’s funding is in line with wanting to contribute to the greening of the water and maritime sector with a focus on shipping. More than 90 per cent of goods worldwide are still transported by sea and shipping is responsible for 2.5 per cent of global CO2 emissions.

Sources: World Cargo News and Transport online.
Image: Econowind

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