Kvasir Technologies raises $11.3 million to accelerate climate-neutral marine fuel commercialization
In Missouri, Pulse 2.0 reported that Kvasir Technologies has raised $11.3 million in Series A financing to accelerate the scale-up and commercialization of its climate-neutral marine fuel.
European Energy joined the round as a new investor and strategic partner, alongside existing investors EIFO, Mærsk Growth, and Footprint Fund.
The report noted that the financing will support the development and design of a new commercial production plant and help scale Kvasir Technologies’ climate-neutral drop-in fuel for use in existing vessels.
Kvasir Technologies is a Danish biofuel startup and spin-out from research at the Technical University of Denmark. The company has developed technology that converts non-edible lignin-based residues from agriculture and forestry into refined biofuels for shipping.
As part of the partnership, European Energy and Kvasir Technologies are establishing KVEEN Biofuels, which is working toward the construction of a commercial-scale plant using Kvasir Technologies’ patented technology, the report added.
The new funding will also support scale-up work at Kvasir Technologies’ test facility in Fredericia, Denmark, which can produce up to 2 tons of biofuel per day.
Category: Fuels
