en.Wedoany.com Reported - Danish biofuel innovator Kvasir Technologies has raised €10 million in a Series A funding round led by European Energy, with existing investors EIFO, Mærsk Growth, and Footprint Fund continuing their participation.
The funds will accelerate the scaling and commercialization of the company's climate-neutral marine fuel, which is produced from non-edible lignin-based residues.
In addition to the investment, Kvasir Technologies has formed a strategic partnership with European Energy, jointly establishing KVEEN Biofuels to build a commercial-scale plant using Kvasir's patented conversion technology.
CEO Joachim Bachmann Nielsen stated that this funding enables the company to take the critical next steps in developing and scaling its technology, while demonstrating that solutions capable of delivering real climate impact for the shipping industry continue to receive strong support.
As a spin-off from the Technical University of Denmark, Kvasir has developed a process that converts agricultural and forestry residues into a ready-to-use marine fuel compatible with existing ship engines and infrastructure. This compatibility is crucial for the shipping industry, which has long asset lifespans and is capital-intensive. European Energy CEO Knud Erik Andersen noted that through innovation and scaling, Kvasir's technology can achieve attractive price points for customers, thereby securing long-term offtake agreements.
The new funding will support the expansion of Kvasir's test facility in Fredericia, which can produce up to 2 tons of biofuel per day. Additionally, the funds will advance the development of the first commercial plant planned in Aabenraa. Chief Commercial Officer Ulrik Falkenberg Lending stated that the partnership brings proven experience in developing and financing large-scale energy infrastructure.
Despite challenges in the climate technology funding environment, investor confidence remains strong. EIFO's Sara Sande commented that Kvasir Technologies offers a technological solution with significant CO₂ reduction potential in one of the hardest-to-decarbonize industries.
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