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VÅR Ventures and Maersk Growth announce their investment into Danish biofuel company Kvasir Technologies to accelerate the path away from fossil fuel dependency
Press release - April 2023
Kvasir Technologies, a Danish technology company developing a proprietary, cutting-edge process to produce carbon-neutral biofuel from non-edible biowaste material, has raised an investment round of EUR 2.15 million from lead investor VÅR Ventures with participation from Maersk Growth. With this investment round, Kvasir Technologies has raised nearly EUR 7 million this past year, including a EUR 2.5 million non-dilutive grant from the European Innovation Council (EIC) and various other project grants. The funding will be used to fast-track the realisation of the promising technology, and they expect this to be the last investment round before their Series A.
“We are proud and pleased about this investment from VÅR Ventures and Maersk Growth, respectively, as it truly validates the trust in our technology and cements its potential as an alternative to fossil fuels for the sectors most in need. We look forward to converting the investment into concrete initiatives as we work hard to scale our technology to mature it for the market”, says CEO Joachim Bachmann Nielsen, CEO, co-founder, and inventor of Kvasir’s technology.
With the UN Panel for climate change and IPCC’s warning of irreversible impacts of global warming in its latest report from March, we expect to see more alternative solutions and technologies to replace fossil fuels for the hardest to abate sectors sped up and brought to market as soon as possible.
“At VÅR Ventures, we aim to have a real impact on the achievement of the Paris Agreement’s target of limiting global warming through our investments. That is only possible if we reduce carbon emissions quickly, cost-efficiently, and sustainably. This is at the core of Kvasir’s technology, which is on a mission to help the shipping and marine industries abate 40 million tonnes of CO2 by 2030”, says Mette Fløe Nielsen, General Partner and Co-founder of VÅR Ventures.
“Scaling up production of low carbon fuels will play an essential role in achieving the decarbonisation targets of A.P. Moller-Maersk as well as the broader maritime industry. In Maersk Growth, we strive to accelerate this transition by identifying and supporting new innovative technology companies on the path towards commercial scale. Kvasir is a prime example of this, and we are excited to join them on this journey”, says Lasse Truels Köhler, Senior Associate at Maersk Growth.
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.
“Our technology makes it possible to swap fossil fuels directly with carbon-neutral biofuels produced from our IP in the future. That makes it easier for hard to decarbonise sectors because with our solution, you change the fuel, not the engine – that obviously makes the transition considerably more cost-efficient for the carriers, be it ships or aeroplanes”, says Joachim.
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.
Press coverage:
Shippingwatch https://bit.ly/3HJnN2T
Advanced Biofuels USA https://bit.ly/3nvnq5e
Biofuels Digest https://bit.ly/3Ly8qeS
Biofuels International https://bit.ly/3NzVuI0
Ship and Bunker https://bit.ly/3VxgwZG
Offshore Energy https://bit.ly/426qxzF
Marine Inbox https://bit.ly/3LX9ZEk
Ny fond investerer i fremtidens bæredygtige løsninger
Press release (Danish) - June 2022
En ny dansk venturefond har set dagens lys. VÅR Ventures investerer i start-ups, der kombinerer bæredygtighed med teknologi for at understøtte skalerbare, innovative løsninger inden for bæredygtighed:
”Vi er drevet af at investere i bæredygtige løsninger, der kan skaleres for at bidrage til den grønne omstilling”, forklarer Anne-Louise Thon-Jensen, General Partner. ” Der er et stort globalt behov for at vi understøtter de virksomheder og mennesker, som er i gang med at udvikle teknologier og løsninger, som sikrer, at de næste generationer har et bæredygtigt samfund. Vi har stiftet VÅR Ventures netop for at finde, udvikle og skalere de bedste løsninger globalt”.
Teknologi og bæredygtighed går hånd-i-hånd
VÅR Ventures investerer i start-ups, der udvikler teknologier og løsninger, der direkte adresserer de globale udfordringer blandt andet indenfor investeringsområder som landbrug og fødevarer, uddannelsesteknologi og energi. De tre investeringsområder udgør nogle af de sektorer, hvor behovet for bæredygtig innovation er størst, samtidig med at det er sektorer, hvor de nordiske lande står særligt stærkt. Fonden har en målsætning om at understøtte det nordiske økosystem, og være med til at skabe nogle af Nordens næste store erhvervseventyr.
VÅR Ventures har særligt fokus på tech-løsninger, da det netop er de skalerbare løsninger, som verden har brug for. En analyse foretaget af konsulenthuset PwC og World Economic Forum fra 2020, viste netop at teknologi har en stor indvirkning på 10 ud af de 17 verdensmål, og at hele 70 % af de 169 målsætninger, der er koblet til de 17 verdensmål, kan blive støttet af tech-løsninger.
”Vi ønsker ikke at udvikle nicheprodukter til små eksklusive markeder. Vi ønsker at være med til at løse systemiske udfordringer, og her står innovation og tech helt centralt” fortæller David Højelsen, General Partner.
Unikke kompetencer og fokus på menneskerne bag virksomhederne
Folkene bag VÅR Ventures har erfaring med at bygge virksomheder, yde rådgivning, investering, finansiering og bæredygtighed. ”Som fond kommer vi med et kendskab til at bygge bæredygtige start-ups. Vores team består af folk, der selv har bygget og solgt virksomheder, og vi er nogle af de mest erfarne og kompetente inden for bæredygtige investeringer i Norden. Vi vil bruge vores viden, erfaringer og store netværk til at understøtte de mennesker, der står bag virksomhederne vi investerer i.” udtaler Mette Fløe Nielsen, General Partner.
De virksomheder, der får VÅR Ventures med ombord, kan se frem til at få en investor, der har fokus på at understøtte grundlæggerne af virksomheden, og som tænker bæredygtighed ind i alle aspekter af forretningen:
”Vi ser bæredygtighed som værdiskabende. Vi tror på, at investeringer i virksomheder, der er født med fokus på bæredygtighed, teknologi og skalerbarhed kan skabe attraktive afkast for vores investorer. Vi hjælper derudover med at sikre, at bæredygtighed er tænkt ind i hele værdikæden hos de selskaber vi investerer i” forklarer Maria Hjorth, General Partner. ”Vi har udviklet et helt særligt program for, hvordan vi arbejder med vores virksomheder, som sikrer at bæredygtighed bliver indtænkt i virksomhedernes vækstrejse. Vores filosofi er, at det både er nemmere og skaber mere værdi, at tænke bæredygtighed ind i hele organisationen fra start – det bærer vores ejerskab stærkt præg af”.
Upcyclede råvarer skal sætte skub i bevægelsen mod plantebaseret kost
VÅR Ventures har allerede lavet deres første investering i den danske start-up REDUCED, som laver fødevareprodukter og smagsforstærkere af høj kvalitet på upcycled råvarer fra fødevareindustrien.
”Vi er utrolig glade for at være blevet investor i REDUCED. Virksomheden har et fantastisk passioneret og dedikeret team, og de arbejder med to af de helt store udfordringer inden for den globale fødevareindustri – nemlig madspild og overgangen til en mere plantebaseret diet” udtaler Louise Lachmann, General Partner og bestyrelsesmedlem i REDUCED. Investeringen i REDUCED er lavet sammen med Vækstfonden, Rockstart, Pollen Capital og en række engle-investorer.
Press coverage:
Børsen
VÅR Ventures invest in Danish start-up REDUCED and their quest for making waste to taste
Investment news - June 2022
We are proud to announce our investment into the Danish food-tech start-up REDUCED. The €2.9m seed round was led by Vækstfonden and VÅR Ventures, alongside Rockstart, Pollen Capital and business angels.
REDUCED plans to utilize the funding to expand their production facilities, attract talent, and finalize their investment into their unique technology used for the creation of plant-based flavour enhancers, REDUCED targets not just one- but two of the main challenges present in today’s global food system – 1) food waste, and 2) the transition to more plant-based diets.
At VÅR Ventures we are excited about the journey ahead, where we will support REDUCED in their efforts in making sustainable, organic, and tasty foods from upcycled ingredients available to the global market. We see a great match between REDUCED and VÅR, and we look forward to our cooperation with the dedicated team and the investor syndicate.
About REDUCED
Founded in 2020 by Emil Munck de Voss and William Anton Lauf Olsen, REDUCED specialises in creating food products made from surplus produce. The global products from food waste was valued at USD 52.91 billion in 2022 and is projected to grow at a CAGR of 4.6% to reach USD 83.26 billion by 2032.
The company’s aim is to make it easy for consumers to make the right decision by creating solutions that meet the one thing they care most about in foods: taste.
REDUCED flavour solutions are centred around umami (a category of taste in food – besides sweet, sour, salt, and bitter) and match well with plant-based meat analogues. Additionally, its flavour solutions are organic, without additives and made from side streams and excess produce.
The company’s production facility in Copenhagen uses fermentation techniques to create its products, which take significantly shorter time to produce, unlike traditional other natural plant-based flavour enhancers such as miso and tamari.
Press coverage:
Børsen
Silicon Canals
Nordic9
