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.”