Kvasir Technologies has raised DKK 75 million in a series A investment round with European Energy participating as a new investor and strategic partner, alongside existing investors including EIFO, Maersk Growth and Footprint Fund.
Kvasir Technologies is a Danish cleantech company originating from research at the Technical University of Denmark (DTU). The company has developed a patented technology for converting a wide range of non-edible, lignin-based agricultural and forestry byproducts into refined biofuels for the shipping industry. The climate-neutral marine fuel may be used as a drop-in fuel in existing ships without the need to retrofit ship engines or modify the existing infrastructure.
The investment will accelerate the development and commercialisation of Kvasir Technologies’ climate-neutral marine fuel and help scale up the technology at Kvasir Technologies’ test facility in Fredericia prior to the establishment of a full-scale commercial production facility.
In conjunction with the investment, Kvasir Technologies and European Energy are entering into a strategic partnership and establishing the company KVEEN Biofuels. The company will work toward the construction of a first-of-a-kind commercial facility for the production of biofuels using Kvasir Technologies’ patented technology.
Accura advised Kvasir Technologies in connection with the investment and the establishment of the partnership with European Energy.