The Danish technology company Kvasir Technologies (“Kvasir”) has raised capital of EUR 3m from The Footprint Firm and Denmark’s Export and Investment Fund (EIFO).
The capital raise is an extension of the company’s seed round in 2023, in which VÅR Ventures and Maersk Growth joined the group of owners. Consequently, Kvasir has secured a total funding of EUR 11m, including approximately EUR 5m in seed funding.
Kvasir is a Danish pioneer within the development of sustainable biofuels. The company’s technology converts non-edible waste-based biomass into a 1:1 CO2-neutral substitute for fossil fuels in a simple, sustainable and scalable way and, over time, may replace, for example, fossil products within the maritime or aviation industry.
Kvasir was established in 2018 as a spin-out from the Technical University of Denmark, and, today, the company has 20 employees.
In 2024, construction will begin on the company’s first demo plant in Fredericia, which is the final stage before a commercial plant may be built.
Accura advised Kvasir in connection with the investment.