Zeewolde, the Netherlands-based Econowind, a company specialised in wind-assisted ship propulsion announced that it has secured €1M from Invest International.
Based out of The Hague, Invest International is an impact investor that offers financial support to Dutch businesses and partner governments in other countries.
Michiel Slootweg, Director of Private Sector at Invest International, says, “Econowind is a perfect fit for our portfolio as an innovative Dutch scale-up driving the sustainability of shipping. With key partners like Damen Shipyards and customers among the world’s top ten shipping companies, Econowind is well-positioned for a global rollout. These international opportunities are a key reason for our investment. Development capital is often unavailable through traditional financing, but we can provide the necessary support to help bring this product to market.”
Invest International collaborated with Regional Development Companies (ROMs), specifically the Development Company for Northern Netherlands (NOM) and Horizon Flevoland, which provided an additional €2M in equity to Econowind.
The company will use the funds to advance and test its VentoFoil XL, a 24-30 meter high steel wind sail inspired by aviation technology.
Similar to airplane wings, these sails are designed for large vessels, harnessing wind power to reduce fuel consumption and cut CO2 emissions by up to 15 per cent.
Econowind: Developer of wind-assisted ship propulsion
Founded by Frank Nieuwenhuis, Econowind offers a foldable and autonomous unit for wind-assisted ship propulsion, helping to propel a variety of coastal vessels.
The Dutch company has been making smaller VentoFoils for coastal shipping for several years.
Notably, Econowind has already manufactured 10- and 16-meter VentoFoils for coastal vessels.
Now, with the new XL model, they plan to enter the deep-sea shipping market, which includes 50,000 vessels worldwide.
The first of two XL prototypes will be fully developed and tested within the next two years, claims the Dutch company.
To meet growing demand, Econowind is scaling up production at its facility in Zeewolde.
The expanded space and optimised processes allow for higher output and shorter lead times, enabling more shipowners to benefit from VentoFoil technology.
Econowind CEO & Founder, Frank Nieuwenhuis, says, “With this investment, we can accelerate our focus on the deep-sea market. Having already delivered over 100 sails for smaller seagoing vessels, it is now time for the VentoFoil XL. This technology will improve fuel efficiency and cut CO2 emissions in deep-sea shipping. The market demand is high, and the potential is enormous. Wind propulsion is bringing shipping back to its roots.”
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