Maersk Growth, a venture arm of industry major A. P. Moller – Maersk, has together with VÅR Ventures, invested in Kvasir Technologies, a Danish technology company developing a proprietary technology for the production of carbon-neutral biofuel from non-edible biowaste material.
The company has raised EUR 2.15 million from this investment round, pushing the total to nearly EUR 7 million this past year, including a EUR 2.5 million non-dilutive grant from the European Innovation Council (EIC) and various other project grants.
The funding will be used to fast-track the realisation of the promising technology, and the company expects this to be the last investment round before their Series A.
“We are proud and pleased about this investment from VÅR Ventures and Maersk Growth, respectively, as it truly validates the trust in our technology and cements its potential as an alternative to fossil fuels for the sectors most in need. We look forward to converting the investment into concrete initiatives as we work hard to scale our technology to mature it for the market.
…said CEO Joachim Bachmann Nielsen, CEO, co-founder, and inventor of Kvasir’s technology.
Scaling up production of low carbon fuels will play an essential role in achieving the decarbonisation targets of A.P. Moller-Maersk as well as the broader maritime industry. In Maersk Growth, we strive to accelerate this transition by identifying and supporting new innovative technology companies on the path towards commercial scale. Kvasir is a prime example of this, and we are excited to join them on this journey.
…says Lasse Truels Köhler, Senior Associate at Maersk Growth.
Maersk said that the use of biofuels tripled in 2022 when compared to 2021, driven by the increased uptake of Maersk’s EcoDelivery ocean product, which involves the utilization of sustainable biofuels on selected company vessels to cut emissions.