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PROJECT VENTOPROJECT VENTOPROJECT VENTOPROJECT VENTO
Opportunity to invest in Opportunity to invest in Opportunity to invest in Opportunity to invest in aaaa market leader market leader market leader market leader in in in in airborne wind airborne wind airborne wind airborne wind energy systemsenergy systemsenergy systemsenergy systems
April 2016
Page 2 Project Vento
Source: Company information
SkySails SkySails SkySails SkySails ---- Opportunity to invest in a market leader Opportunity to invest in a market leader Opportunity to invest in a market leader Opportunity to invest in a market leader in in in in airborne wind energy systemsairborne wind energy systemsairborne wind energy systemsairborne wind energy systems
History of SkySails and current situationHistory of SkySails and current situationHistory of SkySails and current situationHistory of SkySails and current situation
� Before 2010, SkySails has been highly successful in
capital funding
� SkySails financial restrictions started in 2010, when
Beluga shipping company filed for insolvency. As a result,
an already signed investment agreement of EUR 4m could
not be fulfilled
� A pledged bridge financing with maturity in August 2016,
was unexpectedly revoked by the capital funder in
February, leaving SkySails in a financially distressed
position
� As a consequence, SkySails GmbH had to file for
insolvency in March 2016
� SkySails was established in 2001 by the graduate
industrial engineer Stephan Wrage and the shipbuilding
and offshore engineer Thomas Meyer
� SkySails kites contain the key technology for capturing the
vast potential of high-altitude winds and SkySails is the
first company in the world that has succeeded in
developing towing-kite technology into an industrial
application
� SkySails has established a broad and global patent
portfolio that includes around 300 patents issued or
applied for within 16 patent families
� On March 7, 2016, SkySails’ management filed for
insolvency and Dr. Gerrit Hölzle was appointed preliminary
insolvency administrator
� SkySails GmbH’s subsidiaries SkyView GmbH and SkySails
Power GmbH are not affected by the insolvency
� The current status is offering an inflection point in order to
return to profitability through the already initiated, and
partly implemented, restructuring measures as well as
further optimization potential
… has found itself in a tense financial situation during the last few
years …
… but offers realistic chances of a successful re-orientation for a new
investor
SkySails – A visionary company with a sustainable product ...
Foundation of SkySails by Stephan
Wrage and Thomas Meyer
Company history
Concept developmentConcept developmentConcept developmentConcept developmentDevelopment of basic Development of basic Development of basic Development of basic
technologytechnologytechnologytechnology
Product Product Product Product development with development with development with development with
first customersfirst customersfirst customersfirst customers
Development of SkySails PowerDevelopment of SkySails PowerDevelopment of SkySails PowerDevelopment of SkySails Power
PrePrePrePre----series productionseries productionseries productionseries production
Development of SkySails Development of SkySails Development of SkySails Development of SkySails
SensorkiteSensorkiteSensorkiteSensorkite
2001 … 2004 … 2007 … 2010 …2011 2014 2015
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Page 3 Project Vento
SkySails SkySails SkySails SkySails ---- Opportunity to invest in a market Opportunity to invest in a market Opportunity to invest in a market Opportunity to invest in a market leader in leader in leader in leader in airborne wind energy systemsairborne wind energy systemsairborne wind energy systemsairborne wind energy systems
SkySails is a worldwide renowned supplier SkySails is a worldwide renowned supplier SkySails is a worldwide renowned supplier SkySails is a worldwide renowned supplier of the most powerful source of renewable energy: of the most powerful source of renewable energy: of the most powerful source of renewable energy: of the most powerful source of renewable energy:
highhighhighhigh----altitude altitude altitude altitude windwindwindwind
SkySails company overview Main business segments of SkySails GmbH
► Established in 2001, SkySails GmbH is the market and technology leader in the field of automated towing-
kite systems
► As winds at high-altitude provide considerably more energy than winds at the surface level, the use of these
energy-rich high-altitude winds represents the next generation of wind power generated by large and fully
automated kites
► The company’s business is split into three segments all centered around its core technology:
► SkySails Marine offers wind propulsion systems for vessels. The latest product generation can replace
up to 2 MW of the main engine’s propulsion power
► SkySails Power develops and markets systems for generating power from high-altitude winds
► SkyView offers kite-based carrier systems for surveillance equipment especially for the maritime sector
► SkySails is the world’s first company that has succeeded in developing kite technology into an industrial
application. The company holds extensive experience in the fields of kite construction, automation
technology and kite size areas up to 400m2
► SkySails GmbH’s current 31 employees have backgrounds within a wide range of disciplines and specialties
to constantly develop and improve the patented SkySails technology
► SkySails hereby relies on more than a decade of cooperation with the shipping industry and is the single
known manufacturer of high-altitude power units with an offshore-proven energy generation concept that
can be monetized by product sales, licensing fees and spare parts business
► To protect its high-technology market position, SkySails is the unaffected user of a broad and global patent
portfolio including more than 300 patents
► Having acquired investment funds of more than EUR 50m, SkySails has been highly successful in explaining
and promoting its technological position and professional vision
► However, as the obvious investors, the shipping companies, have shown a reluctant propensity to invest, the
market for high-altitude wind-based power generation has not been developing at the expected speed. As a
result, SkySails is currently looking for a potential investor to keep the business and technology alive
SkySails Marine
► The worldwide patented SkySails propulsion system consists of a
towing kite with a rope, a launch and a recovery system and a control
system for automated operation
► SkySails can be installed effortlessly as an auxiliary propulsion system
on both new builds and existing vessels and is prepared to
simultaneously reduce operating costs and emissions
SkySails Power
► Large and fully automated kites are the key technology through which
energy can be generated from high-altitude winds.
► Built on the proven SkySails technology, SkySails Power is developing
wind power systems that can be used to exploit wind power on an
industrial scale
Sensorkite (SkyView)
► Small kites equipped with modern security technology provide audio
and video surveillance
► Sensorkites are technologically independent platforms, ready to use
in private and public sectors
► The automatically controlled kites can easily operate at altitudes of
300 meters, thus expanding the sensor detection and
communications range surrounding the vessel for a 1500% increase
in area (120nm² to 1,800nm²)
► The payload-to-cost ratio of Sensorkites is much better than drones,
simultaneously requiring less investment and operating costs
Page 4 Project Vento
SkySailsSkySailsSkySailsSkySails ---- Opportunity to invest in a market Opportunity to invest in a market Opportunity to invest in a market Opportunity to invest in a market leader in leader in leader in leader in airborne wind energy systemsairborne wind energy systemsairborne wind energy systemsairborne wind energy systems
The SkySails Power technology is a green technology with manifold advantages The SkySails Power technology is a green technology with manifold advantages The SkySails Power technology is a green technology with manifold advantages The SkySails Power technology is a green technology with manifold advantages for a sustainable for a sustainable for a sustainable for a sustainable and profitable renewable and profitable renewable and profitable renewable and profitable renewable
energy productionenergy productionenergy productionenergy production
SkySails Power investment case
► SkySails Power technology…
• …relies on more than a decade of offshore towing-kite experience
• …can be installed on swimming platforms, making virtually unlimited space available
• …can in contrast to other conventional wind turbines be installed in hurricane and typhoon areas (affects 50% of potential
worldwide offshore market)
• …solves some of the main technical issues of conventional offshore wind turbines
► SkySails Power units…
• …increase power generation effectiveness compared to conventional wind farms
• …reduce costs for offshore wind energy by 50%
► SkySails Power business…
• …will be a leading provider for offshore wind power (accumulated cap. of approx. 12.4GW in 2025)
• …will be owning an exclusive market share for hurricane and typhoon wind regions
UseUseUseUse ofofofof highhighhighhigh----altitudealtitudealtitudealtitude windswindswindswinds
Swimming Swimming Swimming Swimming platformplatformplatformplatform
!SkySails Power provides a sustainable and profitable solution for a growing offshore wind power marketSkySails Power provides a sustainable and profitable solution for a growing offshore wind power marketSkySails Power provides a sustainable and profitable solution for a growing offshore wind power marketSkySails Power provides a sustainable and profitable solution for a growing offshore wind power market
Page 5 Project Vento
SkySailsSkySailsSkySailsSkySails ---- Opportunity to invest in a market leader in airborne wind energy systemsOpportunity to invest in a market leader in airborne wind energy systemsOpportunity to invest in a market leader in airborne wind energy systemsOpportunity to invest in a market leader in airborne wind energy systems
The SkySails The SkySails The SkySails The SkySails SensorkiteSensorkiteSensorkiteSensorkite technology is a surveillance technology which increases platform elevation and improves surveillance technology is a surveillance technology which increases platform elevation and improves surveillance technology is a surveillance technology which increases platform elevation and improves surveillance technology is a surveillance technology which increases platform elevation and improves surveillance
quality and efficiencyquality and efficiencyquality and efficiencyquality and efficiency
► SkySails Sensorkite technology…
• …relies on more than a decade of offshore towing-kite experience
• …exploits the power of high elevation and thereby extents the surveillance horizon up to 15-fold
• …automatically deploys and controls kites, operating sensors at altitudes of approx. 300 meters
• …can be operated safely in very strong winds of up to 10 Bft, as well as under lull conditions and during low-level winds as
the maneuvering speed is adequate for operation
• …can be installed on almost any naval vessel as well as onshore, e.g. as mobile surveillance unit
► SkySails Sensorkites…
• …eliminate unnecessary maneuvering and helicopter flights, saving money and reducing emissions
• …improve surveillance quality by earlier detection and faster threat classification and targeting
• …exploit greater surveillance ranges to make the vessel virtually invisible to the target being observed
• …can improve the communication range of drones and require less investment and operating cost
• …provide a much longer airtime than the airtime of drones – non-stop for several days
UseUseUseUse ofofofof high high high high elevationelevationelevationelevation
SensorKiteSensorKiteSensorKiteSensorKite applicationapplicationapplicationapplication
!SkySails SkySails SkySails SkySails SensorkiteSensorkiteSensorkiteSensorkite provides an improved surveillance solution for use in private and public sectorsprovides an improved surveillance solution for use in private and public sectorsprovides an improved surveillance solution for use in private and public sectorsprovides an improved surveillance solution for use in private and public sectors
SkySails Sensorkite investment case
Page 6 Project Vento
SkySails offers an ideal opportunity to enter a promising market with forecastable and steady growth
resulting in a diversified and profitable future business model
Forecasted resource scarcity leading to an expected constantly increasing oil price in the long-term
will further enlarge the benefits that customers derive from applying the SkySails technology
SkySails offers a close-to market technology with the capability to generate cashflows from product
sales, maintenance business and a license model
Combining existing IP and technology with the ongoing R&D, SkySails is highly probable to maintain
its market-leading position in the field of towing-kite technology
SkySails is a world-leading supplier of a market leading towing-kite technology based on German
engineering quality and highest technological standards, tested under offshore wind conditions
SkySails SkySails SkySails SkySails ---- Opportunity to invest in a market Opportunity to invest in a market Opportunity to invest in a market Opportunity to invest in a market leader in leader in leader in leader in airborne wind energy systemsairborne wind energy systemsairborne wind energy systemsairborne wind energy systems
The investment in The investment in The investment in The investment in SkySails’SkySails’SkySails’SkySails’ technological portfolio offers the opportunity to participate in a promising and growing market of technological portfolio offers the opportunity to participate in a promising and growing market of technological portfolio offers the opportunity to participate in a promising and growing market of technological portfolio offers the opportunity to participate in a promising and growing market of
sustainable power sustainable power sustainable power sustainable power generation and maritime surveillancegeneration and maritime surveillancegeneration and maritime surveillancegeneration and maritime surveillance
Key investment highlights of SkySails
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