The Hague-based startup WellDecommissioned receives investment for improving affordability of energy transition
The Hague, October 6, 2024 – WellDecommissioned (WD) will receive €450,000 from the European grant programme Kansen voor West III for the further development of their WD Apollo software tool and associated data processing capacity. This The Hague-based impact company has been optimising the decommissioning of oil and gas wells since 2018, and recently ended 2023 to make new geothermal (ground heat) drilling more affordable.
Over the next decade, more than two million oil and gas wells on our planet need to be permanently shut down to prevent leaks worldwide. This is complex, costly and requires a lot of engineering resources. In addition, cost reduction of new geothermal drilling is critical for affordable heat networks.
Software for faster and more efficient decommissioning of oil and gas wells
To save time and execute in the most cost-effective way, WellDecommissioned has been offering innovative analysis and planning software since 2018. This enables the industry to carry out decommissioning with lower risk, in a shorter time and at a lower cost.
Further developing the tool and broadening deployment
Since 2023, WellDecommissioned has also been deploying the Apollo tool for geothermal (geothermal heat) drilling. The aim is again to reduce the risks and improve affordability of these capital-intensive projects.
The new multi-year investment is aimed at further strengthening project optimisation using the WD Apollo tool and broadening into new market segments in the energy sector, such as CO2 storage and offshore wind farm installation. The maritime part of this innovation project involves collaboration partner Vuyk Engineering Rotterdam.
“We are very pleased with this investment from Kansen voor West III. It allows us to strengthen our software tool Apollo, and further develop it together with companies in the sector. This way, we will achieve even more impact on making large energy transition projects affordable.”
Doing good and doing business in The Hague
WellDecommisioned has an office in the startup hub, which coincidentally bears almost the same name as the software tool, Apollo 14 in the Binckhaven. The company is part of The Hague’s ImpactCity network and participated in the Grants for Impact programme, which helped them on their way to finding the right grant.
About WellDecommissioned
WellDecommissioned is an independent service provider and owner of the WD Apollo software tool. This innovative web tool allows owners and the supply chain to assess, plan and optimise projects using detailed historical data and strategic insights. This benefits safety, quality and costs, while retaining learned insights and transparency.
About Kansen voor West
Kansen voor West III has been funded by the European Regional Development Fund for period 2022-2029.