The Finnish company WE Tech Solutions is an energy solution provider that originates from the coastal city of Vaasa. The company has a wide global presence in the shipping world and has provided efficient energy solutions to over 100 vessels globally. WE Tech Solutions is constantly growing, going from 33 employees in 2022 to 50 employees in 2023. From 2019 to 2022, the turnover grew from 7 million to 34 million. The company strives to create savings and reduce emissions by improving energy efficiency in the shipping industry.
Mårten Storbacka is the CEO of WE Tech Solutions
Reduced emissions and costs with energy efficiency
WE Tech Solutions provides solutions, which are based on variable frequency drives, permanent magnet generator technologies, energy management systems, energy storage and DC-link power distributions. The company aims to reduce the customers’ operation costs, and at the same time reduce emissions. In the process, WE Tech Solutions also helps ship owners and operators to implement the right technology. Mårten Storbacka is the CEO of WE Tech Solutions and for him the sustainability part of the business is highly important.
“At WE Tech Solutions we generate power in ships in a more efficient way, meeting the future requirements. Thus, we contribute to the creation of a sustainable shipping industry.”
Storbacka emphasises that the on-going green transition is an energy transition on a big scale. Thus, factors such as temporarily higher clean fuel costs need to be taken into consideration in this process. Nevertheless, he is positive that these factors will be solved and stabilised over time.
Mitsui & Co. Ltd, joins forces with WE Tech Solutions
In September 2023, it was officially announced that the Japanese trade house, Mitsui & Co. Ltd, joins forces with WE Tech Solutions. Together the companies aspire to lead the zero-emission shipping and the green transition of the maritime sector further. Japan is one of the largest ship owning countries in the world, and an attractive shipbuilding market for WE Tech Solutions. Japan does not have an own solution provider with the domain expertise that WE Tech Solutions has; therefore, the Finnish company is needed on the market. Storbacka explains how the goal of this investment is a win-win situation:
“This investment makes it possible for us to connect foreign companies to the Japanese market and vice versa. Mitsui & Co. Ltd is the biggest shipping trade house in Japan and we consider this to be a strategic investment,” Storbacka says, and continues. “We provide the technology that Japan needs, and we get to do business in Japan and worldwide.”
The relevance of the Nordic countries in the shipping industry
Even if WE Tech Solutions has an eye on the Asian shipping market, the Nordic countries still play an important role for the business.
“The Nordics is our home market from the ship owning point of view and is an important market for us. Many important relationships within the shipping industry have been formed on this market,” Storbacka explains.
Storbacka further emphasizes how the Nordic countries are very forward thinking and innovative when it comes to technology development and the green transition. As WE Tech Solutions has its’ home base in Vaasa, Storbacka highlights the importance of the Energy Cluster and the cooperation opportunities the cluster brings.
“The Nordic countries are strong players in the shipping industry, and I am not expecting this to change soon. Thanks to the Energy Cluster, the Vaasa region is also on the map and a relevant player.”