Kvasir Technologies Raises €10 Mn in Series A Round

The funding round included new investor European Energy, along with existing investors EIFO, Mærsk Growth, and Footprint Fund.

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Kvasir Technologies has also formed a strategic partnership with European Energy to create a new company called KVEEN Biofuels. The new venture plans to build a large-scale facility that will produce biofuels using Kvasir’s patented 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 Joachim Bachmann Nielsen, CEO of Kvasir Technologies.

“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 before construction begins. We have some experience with that process and look forward to the collaboration,” says Knud Erik Andersen, CEO of European Energy.

“With European Energy, we gain a partner with proven experience in developing and financing energy infrastructure at scale. This reduces the risk of our first commercial plant and accelerates our route to market,” said Ulrik Falkenberg Lending, CCO of Kvasir Technologies.

Kvasir Technologies is a Danish clean-tech company that was founded in 2018 as a spin-out from the Technical University of Denmark (DTU). The company was established by COO Anders Bak Kristoffersen and CEO Joachim Bachmann Nielsen, who developed the technology behind the business.

The company produces climate-friendly biofuels using a patented process that converts plant-based materials, such as agricultural waste, into high-quality fuel. This fuel can be used as a direct replacement for traditional fossil-based marine fuels in existing ship engines.

Kvasir Technologies currently operates a demonstration facility in Fredericia, Denmark, which can produce up to 2 tonnes of biofuel per day.