Kvasir Technologies secures €10 million to advance climate‑neutral marine fuel

Kvasir Technologies has raised €10 million in a Series A funding round to accelerate the commercialisation of its climate‑neutral marine fuel, bringing a significant boost to one of shipping’s most promising decarbonisation technologies.

The round introduces European Energy as a new investor and strategic partner, joining existing backers EIFO, Mærsk Growth and Footprint Fund. Alongside the investment, European Energy and Kvasir are forming a new joint company, KVEEN Biofuels, to develop a commercial‑scale production plant based on Kvasir’s patented process.

CEO Joachim Bachmann Nielsen says the funding marks a pivotal moment: “This investment enables us to take the next crucial steps in developing and scaling our technology. It also underlines the strong support for solutions that can deliver real climate impact in the maritime sector.”

A spin‑out from the Technical University of Denmark, Kvasir Technologies converts non‑edible, lignin‑based agricultural and forestry residues into refined biofuels. Crucially, the resulting fuel is drop‑in ready, requiring no modifications to existing ship engines or infrastructure—an important advantage in a capital‑intensive industry built on long‑lived assets.

European Energy CEO Knud Erik Andersen highlights the commercial opportunity: “What will be decisive is achieving attractive price points for customers and securing long‑term offtake agreements before construction begins.”

The new capital will support scale‑up at Kvasir’s Fredericia test facility, capable of producing up to 2 tonnes of biofuel per day, and advance development of the first commercial plant planned for Aabenraa in southern Jutland.

EIFO partner Sara Sande notes that investor confidence reflects both the maturity of the technology and its potential impact: “Kvasir represents a scalable solution with strong potential to reduce CO₂ emissions in one of the hardest sectors to decarbonise.”