Danish cleantech startup Kvasir Technologies has raised €10 million in a Series A round, bringing in European Energy as a new investor and strategic partner alongside existing backers EIFO, Mærsk Growth and Footprint Fund.
The Fredericia-based company develops climate-neutral biofuels for shipping, using a patented process to convert lignocellulose into drop-in fuel that can be used in existing vessels without engine modifications.
The new funding will support the development and design of a commercial production plant, expansion of its climate-neutral fuel output, further scaling at its Fredericia test facility, and early work on its first commercial plant in Aabenraa.
Alongside the financing, Kvasir Technologies and European Energy are also launching KVEEN Biofuels, a joint effort aimed at building a commercial-scale biofuels plant based on Kvasir’s technology.
The round comes as climate tech companies face a tougher fundraising environment, making investor support for hard-to-abate sectors such as maritime fuel particularly notable.
The Fredericia-based company develops climate-neutral biofuels for shipping, using a patented process to convert lignocellulose into drop-in fuel that can be used in existing vessels without engine modifications.
The new funding will support the development and design of a commercial production plant, expansion of its climate-neutral fuel output, further scaling at its Fredericia test facility, and early work on its first commercial plant in Aabenraa.
Alongside the financing, Kvasir Technologies and European Energy are also launching KVEEN Biofuels, a joint effort aimed at building a commercial-scale biofuels plant based on Kvasir’s technology.
The round comes as climate tech companies face a tougher fundraising environment, making investor support for hard-to-abate sectors such as maritime fuel particularly notable.