Kvasir Technologies, a Denmark-based technology company, has successfully raised €2.15 million from VÅR Ventures, a lead investor, and Maersk Growth, with participation from Maersk Growth, to develop its groundbreaking, proprietary process that can produce carbon-neutral biofuels from non-edible biowaste material. With this latest investment, Kvasir Technologies has raised a total of nearly €7 million this past year, including a €2.5 million non-dilutive grant from the European Innovation Council (EIC) and various other project grants.
Kvasir Technologies aims to use the funding to fast-track the realization of its innovative technology, with CEO Joachim Bachmann Nielsen stating that this investment round is expected to be the last before the company's Series A. The funds will be used to optimize and scale the technology for commercial use.
See also: N-O-S Orders Next-Gen Sustainable Crew Transfer Vessels to Meet Offshore Wind Industry's Demand
Kvasir's unique process could potentially replace fossil fuels for the shipping and marine industries, enabling them to abate up to 40 million tonnes of CO2 by 2030. With the International Maritime Organization (IMO) setting CO2 reduction targets of 40% in 2030 and 50% in 2050 for the shipping industry, Kvasir Technologies aims to address this challenge head-on, offering a solution that doesn't require retrofitting existing ships or investing in new fleets suitable for alternative fuels.
“Our technology makes it possible to swap fossil fuels directly with carbon-neutral biofuels produced from our IP in the future. That makes it easier for hard-to-decarbonize sectors because with our solution, you change the fuel, not the engine – that obviously makes the transition considerably more cost-efficient for the carriers, be it ships or airplanes,” says Nielsen.
Kvasir Technologies is also looking to develop sustainable aviation fuels. Beyond the maritime sector, Kvasir is currently scale-testing its solution, initially aimed at the maritime sector, for more widespread applications.
See also: Mensha Ventures and Chinese partners to invest $1 billion in green energy infrastructure projects
Kvasir is currently designing its first demo plant to be built in Fredericia, which will have the capacity to produce 2,000 L per day. Once the scaled production from the demo plant is successful, commercial scaling will begin.
With climate change concerns mounting, innovative technologies like Kvasir's biofuel production process are critical to decarbonizing hard-to-abate sectors like shipping and aviation. The latest investment from VÅR Ventures and Maersk Growth underscores the growing interest in and support for such innovative solutions that can help mitigate the impacts of climate change.
