Dutch firm Econowind, maker of sail propulsion systems for business ships, revealed it has actually gotten the support of 2 brand-new financiers. The Investment and Development Agency for the Northern Netherlands (NOM) and Horizon Flevoland are spending to assist speed up the firm’s development.
Econowind develops supposed VentoFoils, which it calls an upright airplane wing that transforms wind right into onward propelled of the ship. Manufactured in Zeewolde and Warten, the systems make it possible for shipowners to minimize gas intake by approximately 30% while lowering discharges.
“We have been developing for five years and are now facing major growth,” stated the firm’s handling supervisor Frank Nieuwenhuis.
The 16-meter light weight aluminum VentoFoil, which is matched for the shortsea market, is generated at the Zeewolde manufacturing facility. “But we are now also collaborating with Bijlsma shipyard in Warten, where we are building the 30-meter high steel VentoFoils, which are perfect for large oceangoing vessels. We expect a lot of growth to come from this sector as well. With this full range of wind sails, we can serve various market segments and further expand our international leading position.”
With brand-new funding from NOM and Horizon Flevoland, Econowind can scale up manufacturing. Nieuwenhuis stated, “In 2027, we will make at least one every day: in Zeewolde, Warten and at another location in the world. With over 50,000 active seagoing vessels, the market is incredibly large.”
“In addition, we are further automating the control systems. Now the sails go up automatically and when the wind is too strong, they fold in. The crew is not involved with operating the VentoFoils. And soon customers will be able to get even more efficiency out of the VentoFoils due to Artificial Intelligence. Information about the wind will be integrated into the models. We will convert the wind forecast into direct advice on the most optimal sailing route. That means deviating from the shortest route to go faster with the wind.”
Environmental regulations for oceangoing vessels is coming to be more stringent. With the intro of the carbon dioxide tax obligation in 2024, shipowners wish to speed up sustainability. The International Maritime Organization (IMO) is going for 40% carbon dioxide decrease for delivery. “The time is ripe: sustainability is high on the agenda in the industry. Shipping companies are striving for fuel economy: wind propulsion is a proven and fuel-independent solution. The payback time for current ships is around five years. With the VentoFoils, ships can reduce fuel consumption by up to 30% at voyage level.”
VentoFoils can be set up on existing ships or incorporated onto newbuild vessels, and over the last few years Econowind has actually set up and thoroughly examined 16 wings.
“Meanwhile, we have reduced the production time of a 16-meter wing to a few months. This is very fast in this industry. We want to be able to deliver quickly because our customers ask for this. You can see the confidence of the market reflected in the order book,” Nieuwenhuis stated.
For NOM, the involvement is sensible for a number of factors, stated financial investment supervisor Allard ter Horst: “Making the maritime sector more innovative and sustainable is one of our spearheads. Production in Warten, Friesland, gets the north of the Netherlands really involved. Econowind already has contracts with shipyards and ship owners at home and abroad. With a mature team, the company makes products that are super interesting for the maritime future. We are happy to be part of that. Moreover, it leads to employment in the region. We welcome that.”
Inge Verschuur of Horizon Flevoland stated, “We expect that the company can grow very fast in the short term. That is why Econowind fits into our Growth Fund. We are impressed by the team, and by the other shareholders, who also provide expert advice. Innovation is a spearhead for us, of course, but we are also there to help achieve growth. In that respect, we think Econowind is an inspiring example and we have high expectations.”
