EMEA News
Biofuel Startup Kvasir Raises €10 Million to Advance Marine Biofuel Supply
Danish biofuel startup Kvasir Technologies has raised €10 million in a funding round to scale up and commercialise its marine biofuel.
The round included new investor European Energy, alongside existing investors EIFO, Maersk Growth and Footprint Fund, it said in a statement on its website on Thursday.
Kvasir and European Energy have also formed a joint venture, KVEEN Biofuels, to work towards the construction of a commercial-scale biofuel plant.
Kvasir's technology converts lignin-based residues from agriculture and forestry into marine biofuel that can be used in existing ship engines.
Kvasir was founded in 2018 as a spin-out from the Technical University of Denmark, with container shipping firm Maersk unit being one of the early investors in 2023.
The funding will help expand the company's demonstration facility in Fredericia, which can produce up to 2 mt/day of biofuel, and advance plans for a commercial plant in Aabenraa.
“This investment round enables us to take the next crucial steps in developing and scaling our technology," Joachim Bachmann Nielsen, CEO of Kvasir Technologies, said.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 963.00 | 26.00 | 1351.50 | 10.50 |
| Rotterdam | 766.00 | 3.00 | 1446.00 | 11.50 |
| Houston | 817.00 | 11.50 | 1421.00 | 1.00 |
| Fujairah | 981.00 | 12.00 | 1768.50 | 17.50 |
| EMEA Average | 917.50 | 14.00 | 1740.00 | 21.00 |
| Global 20 Ports Average | 929.50 | 10.50 | 1565.00 | 13.00 |
| Global 4 Ports Average | 882.00 | 13.50 | 1496.50 | 9.50 |
| Global Average Bunker Price | 978.50 | 20.00 | 1616.50 | 18.50 |
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