Financial details of the investment by DSM Venturing in SkySails have not be disclosed, although it is understood the investment is part of a SkySails round of financing which has now been successfully completed. With a total volume of €15 million it was reportedly the largest clean tech venture capital investment in Germany in 2010.
Commenting on the deal, SkYSails’ Managing Director, Stephan Wrage, said: “DSM Venturing’s investment is further proof of its belief in our activities. Both DSM and SkySails are highly committed to sustainability. Their support will help us to maximize the potential of our technology for our customers.”
Up to 50% fuel savings
SkySails develops, produces and sells wind propulsion systems for the marine industry which are based on large automated towing kites. Depending on the prevailing wind conditions, a ship’s average annual fuel costs and emissions can be reduced by 10 to 35% by using the SkySails Kite System. Under optimal wind conditions, fuel consumption can temporarily be cut by up to 50%. The reduced fuel consumption leads to significantly reduced costs and lower emissions that helps safeguard the environment.
The venturing participation is a next step in the cooperation between the two companies. To date DSM Dyneema, SkySails and rope manufacturer Gleistein have been combining their expertise in a three-party technology partnership focused on the development of a special high performance rope which delivers the unique blend of high strength, light weight and excellent durability required for wind propulsion systems. DSM’s Dyneema, a fibre representing a key enabling component in the SkySails Kite System.
“We are very pleased to extend our involvement with SkySails. With the development of its advanced kite based system, the company succeeded in establishing itself as a leader in the commercialization of wind propulsion solutions,” added Gerard de Reuver, President DSM Dyneema. “I’m confident that the increased cooperation between our companies will lead to more sustainable innovations developed around SkySails’ core technology for various other markets.”
Currently, SkySails is offering towing kite propulsion systems for cargo vessels with an effective load of between 8 and 16 tonnes. SkySails with an effective load of 32 tonnes are under development. The planned product programme comprises towing kite propulsion systems with an effective load of up to 130 tonnes.
Virtually all existing cargo vessels and new builds can be retro- or outfitted with the SkySails auxiliary wind propulsion system. Fishing trawlers and super yachts of over 30 metres in length can be retro- or outfitted with the SkySails auxiliary wind propulsion system as well.
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