Wind assisted propulsion system (WAPS) company Econowind, based in Zeewolde, the Netherlands, has secured €1m in development capital from Invest International to advance and test its VentoFoil XL, a 24m-30m high steel wind sail inspired by aviation technology.
Similar to aircraft wings, these devices are designed for large vessels, harnessing wind power to reduce fuel consumption and cut CO2 emissions by up to 15%. Econowind has been producing smaller VentoFoils for coastal shipping for several years. With the introduction of the XL model, the company aims to expand into the deep-sea shipping market, strengthening its position in the sustainable maritime technology market. The first of two XL prototypes is expected to be fully developed and tested within the next two years. In addition to development capital, Invest International has provided export financing to support Econowind’s growth.
Econowind has already manufactured 10m and 16m VentoFoils for coastal vessels. Now, the larger 24m-30m XL sails will target deep-sea shipping, numbering some 50,000 vessels worldwide. These ships spend extended periods at sea, consuming significant amounts of fuel. The larger sails will deliver greater fuel savings and further reduce environmental impact.
The newly secured funding will support the design, development, and construction of two VentoFoil XL prototypes. These 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.
Michiel Slootweg, Director of Private Sector, Invest International, said: “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.”
Econowind CEO and Founder, Frank Nieuwenhuis, added: “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.”
For this financial transaction, Invest International collaborated with Regional Development Companies (ROMs), specifically the Development Company for Northern Netherlands (NOM) and Horizon Flevoland, which provided an additional €2m in equity to Econowind. This financing aligns with Invest International’s mission to decarbonise the maritime sector.
Image: Larger Ventofoils wll now be developed by Econowind (source: Econowind)
