Kvasir Technologies secures €10 million to scale climate‑neutral marine biofuel

Danish biofuel innovator Kvasir Technologies has raised €10 million in a Series A round led by new investor European Energy, with continued backing from EIFO, Mærsk Growth and Footprint Fund.

The funding will accelerate the scale‑up and commercialisation of the company’s climate‑neutral marine fuel, produced from non‑edible lignin‑based residues.

Alongside the investment, Kvasir Technologies and European Energy have formed a strategic partnership to establish KVEEN Biofuels, which aims to develop a commercial‑scale plant using Kvasir’s patented conversion technology.

“This investment round enables us to take the next crucial steps in developing and scaling our technology. At the same time, it underlines that there is still strong support for solutions that can deliver real climate impact in the maritime sector,” said CEO Joachim Bachmann Nielsen.

A spin‑out from the Technical University of Denmark, Kvasir has developed a process that converts agricultural and forestry residues into a refined, drop‑in marine fuel compatible with existing ship engines and infrastructure. This compatibility is vital in a capital‑intensive sector with long asset lifetimes. “What will be decisive for Kvasir’s technology is that, through innovation and scaling, we achieve attractive price points for customers and thereby secure long‑term offtake agreements,” said Knud Erik Andersen, CEO of European Energy.

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. CCO Ulrik Falkenberg Lending said the partnership brings “proven experience in developing and financing energy infrastructure at scale”.

Despite challenging conditions for climate‑tech fundraising, investor confidence remains strong. “Kvasir Technologies represents a technological solution with strong potential to reduce CO₂ emissions in one of the hardest sectors to decarbonise,” said Sara Sande of EIFO.