In the quest for greener, more efficient ocean travel, Dutch company Econowind has emerged as a key player with its groundbreaking invention – the VentoFoil. Operating out of its facilities in Zeewolde and Warten, Econowind’s VentoFoils offer ship owners a remarkable opportunity to reduce their fuel consumption by up to 30%, thereby contributing to a more sustainable shipping industry. The Investment and Development Agency for the Northern Netherlands (NOM) and Horizon Flevoland have recognized the immense potential of this technology and are heavily investing in its scale-up to facilitate rapid growth.
What exactly is Econowind’s VentoFoil? Picture it as a vertical aircraft wing designed to convert wind into forward thrust for ships. To further enhance this effect, internal fans come into play, creating a significant impact on fuel consumption – a crucial consideration in today’s world of increasingly expensive fuels.
Managing director Frank Nieuwenhuis, reflecting on the company’s progress, notes, “We have been developing for five years and are now facing major growth.”
Econowind’s journey into pioneering wind propulsion for seagoing vessels commenced in 2016 with the production of the 16-meter aluminum VentoFoil, ideally suited for the shortsea market. However, their ambitions have grown, and they are now collaborating with Bijlsma shipyard in Warten to produce the thirty-meter high steel VentoFoils, perfect for large ocean-going vessels. Nieuwenhuis envisions substantial growth potential in this sector, allowing them to further solidify their international leading position.
Fueling this growth requires capital, and this is where NOM and Horizon Flevoland come into play. Their investments enable Econowind to expand production significantly. Nieuwenhuis sets forth their ambitious plans, stating, “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.”
To optimize wind utilization, Econowind is working on further automating the control systems. The sails already raise and fold automatically, with the crew having minimal involvement. In the near future, Artificial Intelligence will enhance the VentoFoils’ efficiency by integrating wind information into models, providing direct advice on the most optimal sailing route.
The timing couldn’t be better for Econowind’s innovative solution, as environmental regulations for ocean-going vessels are becoming increasingly stringent. The introduction of the CO2 tax in 2024 has prompted ship owners to accelerate their sustainability efforts, aligning with the International Maritime Organization’s (IMO) target of a 40% reduction in CO2 emissions from shipping.
Nieuwenhuis highlights this urgency, stating, “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.”
Econowind has demonstrated the reliability of its technology by installing and extensively testing sixteen wings in challenging sea conditions. Notably, these VentoFoils can be retrofitted onto existing ships and integrated into new-build vessels, offering versatility to ship owners.
Allard ter Horst, investment manager at NOM, explains their logical involvement, stating, “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.”
Inge Verschuur of Horizon Flevoland underscores the company’s potential for rapid growth, saying, “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.”
In conclusion, Econowind’s VentoFoil represents a pivotal innovation in the pursuit of sustainable shipping practices, with its ability to significantly reduce fuel consumption and contribute to a greener future for the maritime industry. Supported by strategic investments, this Dutch company is well on its way to revolutionizing the way we harness the power of wind on the open sea.
