WellDecommissioned receives EU investment to improve affordability of Energy Transition
The Hague, 6 October 2024 – WellDecommissioned (WD) receives a significant EU funding through the Dutch innovation program Kansen voor West III. This funding will be used for further development of the WD Apollo software tool and the associated data processing capacity. Apollo has been used to optimise the decommissioning of oil and gas wells since 2018, and recently for making new geothermal (geothermal energy) drilling more affordable.
Over the next decade, more than two million oil and gas wells on our planet will need to be permanently shut down to prevent spills. This is complex, costly and requires a lot of technical resources. In addition, reducing the cost of new geothermal drilling is of great importance 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 providing innovative analysis and planning software since 2018. This enables the industry to carry out the decommissioning with a lower risk, in a shorter time and at a lower cost.
Further development of the tool and broadening its deployability
Since 2023, WellDecommissioned has also been using the Apollo tool for geothermal (geothermal drilling). The aim is again to reduce the risks and 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 to new market segments in the energy sector, such as CO2 storage and installation of Offshore Wind farms. Cooperation partner Vuyk Engineering Rotterdam is involved in the maritime part of this innovation project.
Marc Nijmeijer, CEO of WellDecommissioned: “We’re most pleased with this investment from Kansen voor West III. It enables us to strengthen and further expand our software tool Apollo together with companies in the sector. In this way, we achieve even more impact on making large energy transition projects affordable.”
Doing good business in The Hague
WellDecommisioned has its 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 has participated in the ‘Grants for Impact’ programme, which helped them find the right subsidy.
Kansen voor West
Kansen voor West III is funded by the European Regional Development Fund for the period 2022-2029.