This follows the initial Series A financing round, announced by Kvasir on June 18, in which they raised €10 million from a mix of existing and new investors. Subject to contract, MarineFifty intends to invest up to €11 million as part of Kvasir’s Series A financing round, enabling the company to move from successful /demonstration plant operations to FID of a First Of A Kind plant with commercial scale production.
Kvasir has developed a proprietary process that converts abundant, non-edible biomass into a high-quality bio-oil — a drop-in replacement for fossil HFO (Heavy Fuel Oil) that works with existing ship engines. By enabling shipowners to change fuel rather than engine, the technology offers a practical, scalable path to decarbonising one of the world’s hardest-to-abate sectors.
The investment reflects MarineFifty’s strategy of backing the breakthrough technologies, fuels and infrastructure that the shipping industry needs to reach net zero. An estimated 60–70% of the sector’s emissions reductions must come from exactly these kinds of innovations, and MarineFifty aims to provide not only capital but the technical conviction and partnership to help them reach commercial scale.
“Many of the technologies that will decarbonize shipping have already been invented. At MarineFifty, our mission is to find them, back them, and get them to scale in time to make a difference,” said Krishnan Narayanan, Chairman of MarineFifty. “Kvasir is exactly that kind of breakthrough – a scalable, drop-in solution that meets shipping where it is today, while pointing to a fossil-free future.”
“This investment is a strong endorsement of the technology our team has built and the path ahead of us,” said Dr. Joachim B. Nielsen, CEO and Co-Founder of Kvasir Technologies. “MarineFifty brings deep sector knowledge and a shared sense of urgency about decarbonising shipping. Their support helps us move faster towards commercial-scale production and towards delivering a genuine, sustainable alternative to fossil oil.”
