WindAgain
Background
WindAgain is a leading developer of fuel and emission reduction technologies for the global shipping industry. WindAgain has completed applications for patents worldwide for a proprietary technology, the Collapsible Flettner Rotor (CFR), that allows ocean-going ships to save up to 20-25% in fuel costs. Payback for an Owner is expec-ted to be 18 to 36 months depending on vessel type (tankers, dry bulk carriers and other general cargo vessels), size and oil price.
The market and
WindAgain’s business model
There are approximately 24,000 large ocean-going cargo ships in the world, including dry bulk carriers, oil tankers, and other general cargo ships. WindAgain’s initial target market are vessels with a speed of upto 15-16knots which is about 15,000 vessels.
Given the fast payback period for owners, WindAgain expects that it will be very attractive for owners of older ships, as these typically have a more uneconomical fuel consumption. This gives CFR technology a significant advantage over other less efficient fuel saving technologies, that have a longer payback to the ship owner and therefore only are attractive to implement on ships younger than 10 years of age.
WindAgain technology qualifies for Export Credit Agency guarantees in various proposed production countries, which means that ship owners can obtain asset-backed finance for their installation over 3, 5 or 7-year periods on favourable terms, giving them immediate incentives on cash flow, earnings, etc.
