Danish biofuel startup Kvasir Technologies has raised €10 million ($11.1 million) in a Series A funding round to accelerate commercialization of its climate-neutral marine fuel technology.
Alongside the financing, Kvasir announced a strategic partnership with European Energy to launch KVEEN Biofuels, a company focused on developing a commercial-scale plant to produce biofuels using Kvasir’s patented technology.
Founded in 2018 as a spinout from the Technical University of Denmark, Kvasir has developed a solvothermal liquefaction process that converts non-edible lignin-based residues from agriculture and forestry into refined biofuels for shipping. The process is the only one that can fully convert lignocellulosic biomass, the Earth’s most abundant biomass waste material, into marine biofuel.
The company says its technology retains more than 80% of the combustible energy from the original biomass in the bio-oil, and has the potential for more than 100% CO2 reduction due to carbon sequestration in biochar. The feedstock-agnostic process also creates significant scalability potential. Kvasir’s climate-neutral biofuel can serve as a direct replacement for fossil marine fuels.
Source: ESG Today
