The Danish technology company Kvasir Technologies (“Kvasir”) has raised capital of EUR 2.15 million from the tech and impact fund VÅR Ventures and Maersk Growth, A.P. Moller-Maersk’s venture arm.
With this investment round, Kvasir has raised nearly EUR 7 million this past year, including a EUR 2.5 million grant from the European Innovation Council (EIC) and various other project grants.
Kvasir has developed a cutting-edge technology to produce climate-friendly fuels for industries that are difficult to decarbonise. The company converts non-edible waste-based biomass into a 1:1 substitute for fossil fuels in a simple, sustainable and scalable way.
Kvasir’s technology is useful in, among others, the maritime industry, the International Maritime Organization (IMO) having set CO2 reduction targets of 40% in 2030 and 50% in 2050 for the shipping industry. Kvasir’s solution does not require retrofitting of existing ships or investment into new vessels suited for alternative fuels.
Besides the maritime sector which Kvasir’s solution originally targets, Kvasir is also testing the technology for the development of sustainable aviation fuels.
Formed in 2018 by Joachim B. Nielsen and Anders B. Kristoffersen, Kvasir is a spin-out from the Technical University of Denmark. The company’s 15 employees run pilot activities in Denmark and in the USA and plan on building the first demo plant in Fredericia, Denmark.
The funding will be used to fast-track the realisation of the promising technology.
Accura advised Kvasir Technologies in connection with the investment.