Start-up We4Sea secures funding to roll out unique fuel monitoring platform

Start-up We4Sea secures funding to roll out unique fuel monitoring platform
Michiel Katgert and Dan Veen, founders of We4Sea

Dutch maritime start-up We4Sea has secured funding from ENERGIIQ, Mainport Innovation Fund II and angel investors to accelerate development and roll out of its fuel and emissions monitoring platform.

Based in Delft, the Netherlands, We4Sea has an ambitious goal of saving one million tonnes of COemissions from ships. Speaking with VPO Global, CEO and co-founder of We4Sea Dan Veen explained that the company developed a monitoring platform and Digital Twin to monitor, report, and optimise fuel consumption of any given vessel. Based on just an IMO number and vessel name, We4Sea can start tracking a ship’s location, sailing speed and weather conditions and calculate fuel consumption almost immediately.

We4Sea’s concept is unique as it requires no hardware thanks to its Digital Twin. With this software-only technology, We4Sea can provide highly 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 add up to thousands of tonnes of CO2 emissions and tens of thousands of euros a year.

“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, “ explained Veen.

Nienke Vledder, ENERGIIQ fund manager, commented: “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.”

Michiel Katgert and Dan Veen founded We4Sea in 2016 as part of YES!Delft’s Port Innovation Lab growth programme. VPO Global spoke with Mr Veen about the company’s ambitious goal of saving one million tonnes of COemissions. Read the interview on VPO Global later this week.