Kvasir Technologies is a Danish technology company developing a proprietary, cutting-edge process to produce carbon-neutral biofuel from non-edible biowaste material,
In contrast to most other competing technologies in this space, Kvasir has developed a feedstock-agnostic approach that turns whole nonedible biomass, or pure lignin, into a stable and upgradable drop-in biofuel. This means that their biofuel can be used in existing engines and will be much faster to market than longer-term solutions for the heavy CO2-emitting shipping industry.
Since founding in 2018, Kvasir has come a long way in developing and patenting its technology, which is now ready to be produced at industrial scale before being tested in ships within the coming years. With an excellent team in place, our thesis is that the timing is ideal for Kvasir to scale its organization and expand on partnership agreements to be ready for a full commercial setup during 2024.
VÅR Ventures led the round in syndication with Maersk Growth in a total round of €2.15m. The round comes in addition to a EUR 2,5mio non-dilutive grant from the European Innovation Council (EIC) that will cover major expenses in relation to their first industrial-scale pilot plant in Denmark.
Change the fuel. Not the engine
The International Maritime Organization (IMO) has set CO2 reduction targets of 40% in 2030 and 50% in 2050 for the shipping industry. That is a major challenge for the shipping industry due to the limited available technologies available in the market today. This is a challenge that Kvasir addresses directly with its solution that does not require retrofitting existing ships or investing in new fleets suitable for alternative fuels.
Beyond the marine sector, Kvasir is currently scale-testing its solution initially aimed at the maritime sector to develop sustainable aviation fuels. Kvasir’s solution, once proven scalable in large-scale production set-up, can be applied in more sectors.
Kvasir is currently designing its first demo plant to be built in Fredericia. It will have the capacity to produce 2,000 L per day. Once the scaled production from the demo plant is successful, the commercial scaling will begin.
At a glance
Joachim B. Nielsen
Anders B. Kristoffersen