Dutch wind technology company Econowind has received a €1 million in development capital to advance and test its VentoFoil XL, a 24-30 meter high steel wind sails for deep-sea shipping vessels, designed to reduce fuel consumption and cut CO2 emissions by up to 15%.
Econowind has already manufactured 10- and 16-meter VentoFoils for coastal vessels. Now, the larger 24-30 meter XL sails will enter the market, targeting deep-sea shipping, which includes 50,000 vessels worldwide. These ships spend extended periods at sea, consuming significant amounts of fuel. The company said the larger sails will deliver greater fuel savings and further reduce environmental impact.
The funding came from Invest International, a public-private financial institution owned by the Dutch development bank FMO and the Dutch Ministry of Finance. In addition to development capital, Invest International has also provided export financing to support Econowind’s growth.
Invest International collaborated with Regional Development Companies (ROMs), specifically the Development Company for Northern Netherlands (NOM) and Horizon Flevoland, which provided an additional €2 million in equity to Econowind.
“With this investment, we can accelerate our focus on the deep-sea market,” said Econowind CEO & Founder, Frank Nieuwenhuis. “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.”
The first of two XL prototypes is expected to be fully developed and tested within the next two years.
