DSM invests in wind propulsion company SkySails
Financial details of the investment by DSM Venturing in SkySails will not be disclosed. The investment is part of the current SkySails round of financing, which was with a total volume of €15 million the highest CleanTech venturing investment in Germany in 2010. This financing round has now been successfully completed.
SkySails develops, produces and sells wind propulsion systems for the marine industry which are based upon 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-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 to 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 unique three party technology partnership which focuses on the development of a special high performance rope, which delivers the unique requirements for high strength, light weight and excellent durability for wind propulsion systems. DSM’s Dyneema®, the world’s strongest fiber™, is a key component in the SkySails Kite System.
Gerard de Reuver, President DSM Dyneema said: “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. I’m confident that the increased cooperation between our companies will lead to the development of a range of sustainable innovations around SkySails’ core technology for various markets."
Stephan Wrage, Managing Director of SkySails added: “DSM Venturing’s investment is another proof point of its belief in our activities. Both DSM and SkySails are highly committed to sustainability. Their support will help us to make the most of the potential of our technology for our customers.”
The investment in SkySails brings DSM Venturing’s portfolio of current, direct investments to a total of 18.
DSM Venturing is an active investor in start-up companies that create innovative solutions in Life Sciences and Materials Sciences. DSM Venturing's mission is to explore emerging markets and technologies in order to support DSM's innovation and growth strategy. Besides financial support, DSM Venturing supports the start-up companies with DSM’s knowledge, resources and networks in order to establish mutual benefits and learning. To DSM, venturing is an integral part of its open innovation approach, focused on teaming up with innovative players all over the world.
The Hamburg-based company SkySails GmbH & Co. KG is the market and technology leader for automated towing kite systems. Its internationally patented wind propulsion system for cargo ships – the SkySails-System – can reduce the fuel consumption of a cargo vessel by 10 to 35% on annual average, depending on the prevailing wind conditions. The SkySails-System can be installed as an auxiliary wind propulsion on virtually all existing and new build ships. According to the UN body IMO (International Maritime Organisation) the SkySails technology has the potential to save approx. 100 million tons of CO2 per year – this corresponds to ca. 11% of Germany’s CO2 emissions. For more information, visit www.skysails.com.