Kvasir raises €10 million to build first commercial marine biofuel plant
In Denmark, Kvasir Technologies raised €10 million to scale a marine fuel made from lignin-rich agricultural and forestry residues and begin developing its first commercial production plant.
European Energy joined existing investors EIFO, Mærsk Growth and Footprint Fund in the Series A round. It also formed KVEEN Biofuels with Kvasir to pursue the planned facility in Aabenraa in southern Jutland.
Kvasir, a 2018 spinout from the Technical University of Denmark, uses a patented process to convert the waste biomass into a fuel designed to replace conventional marine oil in existing ship engines without equipment or infrastructure changes.
The company will first expand work at its Fredericia demonstration facility, which can produce up to 2 tonnes per day. European Energy will support development and financing of the Aabenraa plant, while Kvasir works to lower production costs and secure customers before construction begins.
Category: Sustainable Marine Fuels
