VAR Ventures and Maersk Growth invest in Danish biofuel company

Danish technology company Kvasir Technologies has raised an investment round of €2.15 million from lead investor VÅR Ventures with participation from Maersk Growth.
Kvasir Technologies has raised a total of around €7 million this past year, including a €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,” said CEO Joachim Bachmann Nielsen, CEO, co-founder, and inventor of Kvasir’s technology.
“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,” added 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,” said Lasse Truels Köhler, senior associate at Maersk Growth.
The International Maritime Organization (IMO) has set CO2 reduction targets of 40% in 2030 and 50% in 2050 for the shipping industry.
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.