VÅR Ventures and Maersk Growth Invest in Danish Biofuel Company Kvasir Technologies 

Kvasir Technologies, a Danish technology company developing a proprietary, cutting-edge process to produce carbon-neutral biofuel from non-edible biowaste material, has raised an investment round of €2.15 million from lead investor VÅR Ventures with participation from Maersk Growth. With this investment round, Kvasir Technologies has raised 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. The funding will be used to fast-track the realisation of the promising technology, and they expect this to be the last investment round before their Series A.
VÅR Ventures and Maersk Growth Invest in Danish Biofuel Company Kvasir Technologies 

“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”, says CEO Joachim Bachmann Nielsen, CEO, co-founder, and inventor of Kvasir’s technology.

"With the UN Panel for climate change and IPCC’s warning of irreversible impacts of global warming in its latest report from March, we expect to see more alternative solutions and technologies to replace fossil fuels for the hardest to abate sectors sped up and brought to market as soon as possible."

“At VÅR Ventures, we aim to have a real impact on the achievement of the Paris Agreement’s target of limiting global warming through our investments. That is only possible if we reduce carbon emissions quickly, cost-efficiently, and sustainably. This is at the core of Kvasir’s technology, which is on a mission to help the shipping and marine industries abate 40 million tonnes of COby 2030”, says Mette Fløe Nielsen, General Partner and Co-founder of VÅR Ventures.

“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.

Change the fuel. Not the engine

The International Maritime Organization (IMO) has set COreduction targets of 40% in 2030 and 50% in 2050 for the shipping industry. That is a major challenge for the shipping industry due to the limited available technologies available in the market today. This is a challenge that Kvasir addresses directly with its solution that does not 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.

Beyond the marine sector, Kvasir is currently scale-testing its solution initially aimed at the maritime sector to develop sustainable aviation fuels. Kvasir’s solution, once proven scalable in large-scale production set-up, can be applied in more sectors.

Kvasir is currently designing its first demo plant to be built in Fredericia. It will have the capacity to produce 2,000 L per day. Once the scaled production from the demo plant is successful, the commercial scaling will begin.

PHOTO: Celebrating the investment. From left: Mette Fløe Nielsen, VÅR Ventures, Joachim Bachmann Nielsen, CEO & Co-founder, Kvasir Technologies, Anders Kristoffersen, COO & Co-founder, Kvasir Technologies, and Lasse Truels Köhler, Maersk Growth

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