We4Sea Receives New Financing

Delft-based maritime startup We4Sea has secured new funding to accelerate the development and roll out of its platform for monitoring seagoing ships’ fuel consumption and emissions.

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.

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," claimed a press release from the company.

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, it said.

Dan Veen, CEO and co-founder of We4Sea said: “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 added: “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.”