Econowind bags €1M to scale up wind propulsion for deep-sea shipping

Dutch maritime wind-powered technology expert Econowind has received €1 million in development capital from Invest International, an investor and financing partner on behalf of the Dutch government, to develop and test its steel wind sail for the deep-sea shipping market.

As disclosed, Econowind intends to utilize this investment to advance and introduce its VentoFoil XL, a 24-30 meter high steel wind sail inspired by aviation technology.

The sails are designed for large vessels and are expected to harness wind power to reduce fuel consumption and cut CO2 emissions by up to 15%. With the XL model, the company aims to expand into the deep-sea shipping market.

The €1 million investment will be used to support the design, development, and construction of two VentoFoil XL prototypes that will undergo extensive testing on both land and sea, targeting regulatory approval.

The project is scheduled for completion in the summer of 2027. However, Econowind said it was already engaged in discussions with potential customers.

Michiel Slootweg, Director of Private Sector at Invest International, commented on the investment: “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.”

For this financial transaction, Invest International collaborated with the Development Company for Northern Netherlands (NOM) and Horizon Flevoland, which provided an additional €2 million in equity to Econowind.

Econowind CEO & Founder, Frank Nieuwenhuis, highlighted the company’s expansion into the deep-sea sector: “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.”

The Dutch company has already manufactured 10- and 16-meter VentoFoils for coastal vessels and recently surpassed 100 units sold.

According to Econowind, 32 VentoFoil units are in operation, 33 are in production or ready for installation, and another 37 have been ordered so far. The technology has been deployed on bulk carriers, tankers, RoRo, and container vessels.