Dutch maritime technology company Econowind has secured €3 million in funding to advance its wind-assisted propulsion technology for deep-sea vessels, according to the company's release. The investment consists of €1 million from Invest International and an additional €2 million in equity from regional development companies NOM and Horizon Flevoland.
The funds will be used to develop and test the VentoFoil XL, a 24-30 meter high steel wind sail designed to reduce fuel consumption and CO2 emissions by up to 15%. Econowind has been manufacturing smaller VentoFoils for coastal vessels.
The XL model is intended for the deep-sea shipping market, which comprises approximately 50,000 vessels globally. The company aims to have two XL prototypes fully developed and tested within the next two years.
The funding will support the design, development, and construction of the two VentoFoil XL prototypes, which will undergo extensive testing on land and sea. Econowind is currently engaged in discussions with potential customers.
“With this investment, we can accelerate our focus on the deep-sea market," said Frank Nieuwenhuis, CEO & Founder of Econowind. "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.”
Econowind is a Dutch company that develops and produces wind-assisted propulsion systems for ships.
Invest International is an investor and financing partner on behalf of the Dutch government, supporting Dutch companies in expanding internationally.
Damen Shipyards Group is a Dutch shipbuilding company.