18.05.2026 – European Energy joins Kvasir Technologies as a new investor and strategic partner alongside EIFO, Mærsk Growth and Footprint Fund. The Series A round provides capital to develop and design a new commercial production plant and scale climate-neutral drop-in fuel to be used in existing vessels.
Danish biofuel startup Kvasir Technologies has raised EUR 10 million in a Series A investment round with participation from European Energy as a new investor, alongside existing investors EIFO, Mærsk Growth and Footprint Fund. The investment will accelerate the scale-up and commercialization of Kvasir Technologies’ climate-neutral marine fuel.
At the same time, European Energy and Kvasir Technologies are entering into a strategic partnership by establishing the company KVEEN Biofuels, which is working towards the construction of a commercial-scale plant to produce biofuels using Kvasir Technologies’ 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,” says Joachim Bachmann Nielsen, Ph.D. in Chemical Engineering and CEO of Kvasir Technologies.
Climate-neutral fuel ready for use in existing vessels
Kvasir Technologies, a spin-out from research at the Technical University of Denmark (DTU), has developed a new technology to convert a wide range of non-edible lignin- based residues from agriculture and forestry into refined biofuels for shipping.
The climate-neutral biofuel can serve as an immediate replacement for fossil marine fuel without the need to modify ship engines or change existing infrastructure. This is a key point in a capex-intensive sector with long-lived assets:
“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.
Technology to be scaled in Denmark before global expansion
The new funding will be used, among other things, to scale the technology at Kvasir Technologies’ test facility in Fredericia, which can produce up to 2 tonnes of biofuel per day.
At the same time, development work will begin on the first commercial plant in the city of Aabenraa in the southern part of Jutland, which will demonstrate the technology on an industrial scale.
“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,” says Ulrik Falkenberg Lending, CCO of Kvasir Technologies.
Investor confidence in a challenging market for climate tech-startups
The investment comes at a time when several climate startups are facing difficulties raising capital.
Due to, among other things, the maturity of its technology, attractive commercial prospects and a clear path to commercialization Kvasir Technologies has nevertheless managed to attract a strong investor syndicate, says Sara Sande, Partner and Head of Thematic
Venture Investments at EIFO.
“Kvasir Technologies represents a technological solution with strong potential to reduce CO2 emissions in one of the hardest sectors to decarbonize. The combination of scalable technology, a biofuel that can be used in existing fleets and strong partnerships makes the
case particularly attractive,” says Sara Sande.
About Kvasir Technologies
Kvasir Technologies is a spin-out from DTU – Technical University of Denmark, established in 2018 by COO Anders Bak Kristoffersen and CEO and Ph.D. in Chemical Engineering Joachim Bachmann Nielsen, who developed the company’s core technology.
The company is a Danish cleantech company specializing in climate-neutral biofuel production. Through a patented process, lignocellulose is converted into a biofuel with unprecedentedly high yield and quality, which can be used as drop-in oil or replace fossil marine fuel in existing ship engines.
Kvasir Technologies currently has a demonstration facility in Fredericia that can produce up to 2 tonnes of biofuel per day.
Find more at www.kvasirtechnologies.com
About European Energy
European Energy develops, constructs and operates renewable energy projects. The company develops wind and solar farms as well as Power-to-X facilities and works on solutions that support electrification and the production of e-fuels.
European Energy has activities in more than 25 countries and develops projects across Europe, North America, South America and Australia. The company was founded in Denmark in 2004 and is headquartered in Copenhagen.
Find more at www.europeanenergy.com
About EIFO – Export and Investment Fund of Denmark
As Denmark’s national promotional bank and official export credit agency, EIFO works to open doors for global business, accelerate the green transition, support innovative technologies and contribute to Denmark’s security.
With total commitments of EUR 24 billion and activities in more than 100 countries, EIFO offers financial solutions to Danish companies and their global partners.
EIFO contributes to the financing of renewable energy infrastructure worldwide. In addition, EIFO is Denmark’s most active venture investor, investing in startups and VC- funds. In 2025, EIFO made 31 investments in new companies and 15 investments in VC-funds. In total, EIFO has an investment portfolio of just over EUR 2,7 billion.
Find more at www.eifo.dk
For further info and press
Kvasir Technologies
Anders Bak Kristoffersen
COO & Co-founder
M: +45 53 76 36 66 | E: [email protected]
European Energy
Ming Ou Lü
Senior Communications Specialist
M: +45 31 26 93 76 | E: [email protected]
EIFO – Denmark’s Export and Investment Fund
Jon Arskog
Principal Communication Consultant
M: +45 22 52 96 48 | E: [email protected]
