Kvasir Technologies has secured fresh funding and formed a strategic partnership to accelerate the commercialisation of its biofuel technology, which converts agricultural and forestry residues into climate-neutral fuel for shipping.
Danish biofuel startup Kvasir Technologies has raised €10 million in a Series A funding round, attracting a new investment from European Energy alongside participation from existing investors EIFO, Mærsk Growth, and Footprint Fund.
The funding is accompanied by a strategic partnership between Kvasir Technologies and European Energy. Together, the companies are establishing KVEEN Biofuels, a new venture focused on developing a commercial-scale biofuel production facility based on Kvasir Technologies’ patented technology.
Kvasir Technologies, a spin-out from research conducted at the Technical University of Denmark (DTU), has developed a process that converts non-edible lignin-based residues from agriculture and forestry into refined biofuels for the maritime sector. The resulting climate-neutral fuel is designed to serve as a direct replacement for conventional marine fuels without requiring modifications to ship engines or existing infrastructure.
This investment round enables us to take the next crucial steps in developing and scaling our technology. At the same time, it underlines that there is still strong support for solutions that can deliver real climate impact in the maritime sector,
says Joachim Bachmann Nielsen, PhD in Chemical Engineering and CEO of Kvasir Technologies.
The company believes its technology addresses a key challenge for the shipping industry, where long asset lifecycles and significant capital requirements can slow the adoption of new fuels. By enabling the use of renewable alternatives within existing infrastructure, Kvasir aims to simplify the transition away from fossil-based marine fuels.
The newly raised capital will support the continued scale-up and commercialisation of the technology. Part of the funding will be used to expand operations at the company’s test facility in Fredericia, which can produce up to two tonnes of biofuel per day.
In parallel, development work will begin on Kvasir Technologies’ first commercial-scale plant in Aabenraa, southern Jutland, where the technology will be demonstrated at industrial scale.