Airstream builder in difficulties

15.12.2025

Source: E & M powernews

Hamburg-based aviation wind turbine pioneer Skysails Power has filed for insolvency. Talks with potential investors are continuing, the company announced.

SkySails Power GmbH filed for insolvency proceedings on December 9. In a statement, the company justified the move by stating that "negotiations with an investor and thus the current financing round have not been concluded in time". The Hamburg Local Court appointed lawyer Tjark Thies from the law firm Reimer as provisional insolvency administrator.

"The application was a legally necessary step, but the legal framework thus created improves the prospects for the successful conclusion of the financing round," said Stephan Wrage, Managing Director and founder of the turbulent aircraft wind turbine manufacturer. At the request of the editorial team, the company's spokesperson put the volume of the current financing round at around 15 million euros. "We are very confident that we will successfully complete this round"

Business operations will continue under the supervision of the provisional insolvency administrator. And talks with interested investors are continuing, it is said, with the aim of the proceedings being to secure long-term financing.

According to the company, which currently has 124 employees, the order volume rose to a double-digit million figure in November of this year. In September, Skysails had agreed a partnership with a Taiwanese company to promote the development of airborne wind energy in the Asian region.

According to the company spokesperson, the insolvency only affects Skysails Power GmbH. "Skysails Group GmbH is not part of the proceedings."

Skysails' roots go back more than 15 years. Company founder Stephan Wrage began with the development of towing kites for international shipping. Although shipping companies saved fuel with the invention, the technology did not catch on in the market due to low diesel prices. Skysails went bankrupt in 2016. Like a phoenix rising from the ashes, Wrage launched Skysails Power with new investors.

In the last annual financial statements published in the company register to date, Skysails reported a loss of 8.5 million euros for 2023. The annual average number of employees at the time was 78.

Author: Manfred Fischer