€1M funding for wind propulsion development

The VentoFoil XL, a 24-30 metre high steel sail inspired by aviation technology, is designed to harness wind power, cutting fuel consumption and CO2 emissions by up to 15%.

“With this investment, we can accelerate our focus on the deep-sea market,” said Frank Nieuwenhuis, CEO of Econowind.

“Having already delivered over 100 sails for smaller vessels, it is now time for the VentoFoil XL. Wind propulsion is bringing shipping back to its roots.”

Deep-sea market

Econowind has already successfully deployed smaller VentoFoils for coastal shipping.

Now, with the XL model, the company aims to serve the deep-sea shipping sector, which includes over 50,000 vessels worldwide. The first two prototypes are expected to be fully developed and tested within the next two years.

These prototypes will undergo extensive testing on both land and sea to evaluate performance and safety, forming the basis for regulatory approval. While the project is set for completion in summer 2027, Econowind is already engaged in discussions with potential customers.

The funding saw Invest International collaborate 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.

It’s funding which aligns with Invest International’s mission to decarbonise maritime transport, with additional support from Dutch regional development companies.