Norden announced it has acquired a minority stake in Mash Makes, a Danish-Indian biofuel scale-up, which researches, develops and produces renewable fuels from biomass waste.
According to the company, the investment is a strategic partnership, where Norden secures access to renewable fuels, specifically biooil, at favourable pricing. Norden and Mash Makes have prior to the investment collaborated on the use of biofuels since 2021.
We cannot rely solely on traditional offtake agreements with fuel suppliers to achieve decarbonisation at the necessary speed that climate change requires
… said Norden CEO, Jan Rindbo.
Norden’s role will be to help Mash Makes bring its biooil products to the marine fuel market and offtake biofuel for Norden’s fleet. The production of Mash Makes’ first biooil product is in a late development stage and Norden expects to conduct the first trial onboard its vessels in early 2024.
Furthermore, the expectation is that Mash Makes can gradually ramp up its production and become a significant supplier to Norden’s fleet within the next 3 years in strategically important locations for decarbonising global tramp shipping.
We believe that this partnership will greatly accelerate the continued scale up of our business and put us on track for our gigaton range greenhouse gas reduction target
… stated Jakob Andersen, CEO of Mash Makes.