Kvasir Technologies has raised DKK 75m in a Series A investment round with participation from European Energy as a new investor and strategic partner as well as existing investors, including EIFO, Maersk Growth and The Footprint Firm.
Kvasir Technologies is a Danish cleantech company originating from research at DTU. The company has developed a patented technology to convert non-edible lignin-based residues from agriculture and forestry into refined biofuels for shipping. The climate-neutral marine fuel can be used as a drop-in fuel in existing vessels without retrofitting ship engines or changing the existing infrastructure.
The Series A investment will help accelerate the scaling and commercialisation of Kvasir Technologies’ climate-neutral marine fuel and further develop the technology at Kvasir Technologies’ test facility in Fredericia ahead of the establishment of a full-scale commercial production facility.
In connection with the investment, Kvasir Technologies and European Energy have entered into a strategic partnership and established the company KVEEN Biofuels. The company will work towards 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.