Kvasir Technologies raises €10m to commercialise climate-neutral marine biofuel
Kvasir Technologies, a Danish biofuel start-up and spin-out from research at the Technical University of Denmark, has raised €10m towards the commercialisation of climate-neutral marine fuel, backed by a consortium of investors including EIFO, Mærsk Growth, Footprint Fund and European Energy.
The new funding will be used to scale technology at Kvasir Technologies’ test facility in Fredericia, which can produce up to two tonnes of biofuel per day. Simultaneously, development will begin on the first commercial plant in Aabenraa, in southern Jutland, which will demonstrate the technology at an industrial scale.
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The biofuel is produced from non-edible lignin-based residues from agriculture and forestry, converting them into refined fuel for shipping. It serves as a direct drop-in replacement for fossil marine fuel, requiring no changes to ship engines or existing infrastructure.
“With European Energy, we gain a partner with proven experience in developing and financing energy infrastructure at scale. This reduces the risk of our first commercial plant and accelerates our route to market,” says Ulrik Falkenberg Lending, CCO of Kvasir Technologies.
European Energy develops, constructs and operates renewable energy projects, such as wind and solar farms, and works on solutions supporting e-fuel production. Another key investor is EIFO, Denmark’s national promotional bank and official export agency, which aims to facilitate global business, innovative technology and the transition to green energy. EIFO is Denmark’s most active venture investor, with an investment portfolio of just over €2.7bn, total commitments of €24bn and activities in more than 100 countries.
The investment comes as several climate start-ups struggle to raise capital. According to Sara Sande, partner and head of Thematic Venture Investments at EIFO, Kvasir Technologies has attracted a “strong investor syndicate” due to the “maturity of its technology, attractive commercial prospects and a clear path to commercialisation”.
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