New investment announced for maritime startup We4Sea

Source: We4Sea.com

Published date: 12/02/2019

ENERGIIQ energy innovation fund, Mainport Innovation Fund II en informal investors invest in maritime startup We4Sea

The Hague, 11 February 2019 – We4Sea, a Delft-based maritime startup, has secured new funding to accelerate the development and roll out of its platform for monitoring seagoing ships’ fuel consumption and emissions. Thanks to We4Sea’s software platform, ships can optimise their use of fuel and drastically improve efficiency. The investment by ENERGIIQ, Mainport Innovation Fund II and angel investors was announced by Adri Bom-Lemstra, Regional Minister for Economy and Innovation for the Province of Zuid-Holland at the Maritime Delta dinner in Schiedam.

High pressure on shipping to reduce air pollution
On average, seagoing ships consume 30,000 litres of fuel oil a day, which amounts to 40-50% of a ship’s total operating costs. The maritime industry is under pressure to greatly reduce air pollution and international requirements for monitoring and cutting CO2 emissions in the industry have recently been tightened. New regulations, effective from January 2020, will result in an expected 70% increase in fuel costs as many ships will have to switch to cleaner, more expensive fuels. Legislative authorities have also imposed designated emission-controlled areas (ECA) for shipping.

Monitoring, analysing and optimising fuel efficiency
Delft startup We4Sea analyses and reports fuel consumption and associated CO2 emissions from seagoing ships based on a unique Digital Twin concept. The collected data is analysed and then used to minimise fuel consumption. Ship speed, draft and water depth form part of the analyses as well as wind, waves and currents. The ships are monitored remotely using simulation models. Unlike its competitors, We4Sea can do this without hardware by using the Digital Twin.

With this software-only technology, We4Sea can provide extremely accurate calculations of a ship’s fuel use and emissions to parties that do not have direct access to the ship, such as charterers and providers of ship finance. For a ship with average fuel consumption, savings can easily add up to thousands of tonnes of CO2 emissions and tens of thousands of euros a year.

In 2016, Michiel Katgert and Dan Veen founded their company We4Sea – incubated as part of YES!Delft’s Port Innovation Lab growth programme – based on the conviction that ships should operate more efficiently and sustainably. This investment will enable them to accelerate the development and roll out of their platform.

Dan Veen, CEO and co-founder of We4Sea: “We’re proud of the growth achieved in recent years, but there’s still a wealth of opportunities that will help us improve our product, connect with more customers and expand the market. This is in line with our mission to prevent one million tonnes of CO2 emissions from shipping.”

Nienke Vledder, ENERGIIQ fund manager: “ENERGIIQ is delighted to congratulate We4Sea with the growth investment it has secured through Mainport Innovation Fund II, angel investors and ENERGIIQ. We4Sea’s Digital Twin offers customers transparency in fuel consumption, helps them reduce CO2 emissions drastically and leads to significant cost savings.”

Netherlands wins Brexit spoils amid corporate relocation talks

Source: Gulf Times

Office

Brexit is driving companies out of the UK, and the Netherlands is raking in the corporate refugees.
About 250 companies are in talks with the Netherlands Foreign Investment Agency to potentially relocate activities to the country, according to a statement published on Saturday. The candidates would join 42 companies that made the move last year, and the 18 early birds in 2017.
“I wouldn’t be surprised if the largest Brexit wave is yet to come,” Jeroen Nijland, who heads NFIA, said in a telephone interview. “It normally takes about six months to two years from the first conversation we have with a company before it makes a decision, and our pipeline is now bigger than in earlier years.”
The Netherlands has emerged as one of the winners in securing businesses that seek to leave the UK because of Brexit, vying with countries like Germany, France and Ireland. The country, which bagged the European Medicines Agency — an EU agency moving from London to Amsterdam — is initially luring corporate entities in the financial and media sectors, both of which require permits to operate in the bloc, Nijland said.
“Without it, they simply can’t operate in Europe,” he said.
High-speed traders in particular are looking at the Netherlands’ largest city where proprietary-trading firms such as Flow Traders NV and Optiver BV have been a fixture for years. They are now joined by algorithmic traders Quantlab Financial LLC and Jump Trading LLC, as well as trading venues run by CME Group Inc and Cboe Global Markets Inc, Bloomberg LP, the parent of Bloomberg News, has also moved some business to Amsterdam.
The growth of Amsterdam as a trading hub will boost the Dutch share of European equity trading to around a third from five% currently, the financial markets regulator AFM estimates. The watchdog also expects the country to capture nearly 90% of European bond trading.
The media industry is another area where the Netherlands has picked up wins. Discovery Inc said in January it’s applying for broadcast licenses in the Netherlands to ensure its pay-TV channels will continue to show across the European Union in the event of a no-deal Brexit when the UK leaves the bloc on March 29.
Amsterdam’s metropolitan area last year attracted 28 companies that opened new offices as a result of Brexit, the city said in a statement on Saturday, estimating that 1,937 Brexit-related jobs will be created over the next three years from the date of relocation, from 170 in 2018.
Some companies that established offices in Amsterdam would’ve picked the UK if it hadn’t been for Brexit, according to the press releases from the Dutch capital, pointing to Japanese bank Norinchukin as an example.
“Amsterdam is a magnet for international companies, with 2018 almost coming in as a record year even when excluding the EMA from the tally,” Udo Kock, Amsterdam deputy mayor and the city government official responsible for financial and economic affairs, said in a telephone interview.
“I am very optimistic the city will attract many more life science, media and financial companies in the coming years, regardless of the kind of Brexit we will get,” he said. “In case of a hard Brexit I would expect some other sectors to find Amsterdam as well, notably logistics-related companies.”
Dutch authorities can’t simply sit back and enjoy the Brexit bounty. Businesses across the Netherlands are repeatedly being asked to prepare for all scenarios while the government is racing to hire 928 additional staff to deal with work stemming from Brexit — customs workers, for instance, to check ferries in the port of Rotterdam, Europe’s largest, that leave for the UK.
By the end of March, not all of the needed additional workers will have been recruited, the government has estimated.