“Good start,” says Mårten Storbacka.
In 4 years WE Tech has grown from one to ten million in revenue
It’s going strong ahead for the Vaasa company WE Tech Solutions. The start-up company, founded in 2010, achieved 10 million euros in revenue last year. Last year the company also managed to grow rapidly (up from EUR 6.2 million in revenue) and made a profit.
“We are looking for organic and sustainable growth so everything is re-invested into the company, “says Mårten Storbacka, CEO of WE Tech Solutions. Mårten Storbacka describes the company’s development so far as very good, but at the same time, this is only the beginning for the company. The goal is to reach 100 million euros in revenue in 2025 and to maintain profitability at the same time.
The company, located in the university area in Brändö, currently has 17 employees. WE Tech Solutions has built a smooth organization without manufacturing of own components. Mr Storbacka believes that the revenue target of EUR 100 million can, therefore, be achieved with his own staff of 30-35 people.
Solutions We offer
WE Tech Solutions offers energy-saving solutions, primarily for the shipping industry. The company works and develops both electrical distribution and propulsion solutions.
The core technology is frequency drive technology, which is combined with generator technology, permanent magnet technology and battery solutions.
“We are looking forward for a battery factory in Vaasa where we could be its customer, ” says Mårten Storbacka. WE Tech already made a lot of purchases in the Vaasa region. For example, its frequency drives come from Danfoss.
WE Tech’s solutions can be installed both in old and new vessels, but more frequently in new builds. Mr Storbacka says that it is a myth that no new ships are being built. “Of course, in some good years 3500 ships can be built per year worldwide, while the general number for new builds is around 1500 per year,” he says.
WE Tech Solutions believes its main growth opportunities on commercial freight and offshore, which will be sparkling soon.
Stay Learning Always
It is obvious that with Mårten Storbacka’s leadership WE Tech Solutions has followed the correct path to grow itself in a rapid and profitable manner.
But have you made any mistakes that you can share with us, so others might avoid them?
Mårten Storbacka says that one always makes mistakes. He himself has also done some leadership mistakes and he always keeps himself in a learning situation.
“We have a strong entrepreneurial spirit in our team, which is significant for the development of a company but at the same time, it is also important for everyone to keep the balance and not work too hard, “says Mr Storbacka. Recruiting is also tricky due to that many competitive companies are hunting for the same staff. Mr Storbacka believes that it might be a good idea to go for an international presence, especially for companies in their industry.
“Vessels sail in the Seven Seas which means customers are everywhere,” says Mr Storbacka.