Kvasir Technologies, a Danish pioneer in sustainable biofuel development, announces a significant milestone in its journey toward carbon-neutral energy solutions.
The two Kvasir Technologies founders and the new investors: From the left: Mikkel Skytte Hejbøl (The Footprint Firm), Anders Bak Kristoffersen (Kvasir), Joachim Bachmann Nielsen (Kvasir), and Johan Bitsch Nielsen (EIFO)
The company has successfully closed a seed extension, securing substantial investments from sustainability advisory and impact investor The Footprint Firm, based in Copenhagen, and the Export and Investment Fund of Denmark (EIFO), formerly known as Vækstfonden. With this latest round, Kvasir Technologies has now secured an impressive 11 million Euros (approximately 85 million DKK) in funding, a remarkable achievement with the majority raised in the past 18 months.
“We’re grateful for the support from The Footprint Firm and EIFO,” said Joachim Bachmann-Nielsen, CEO and co-founder of Kvasir Technologies and the original inventor of Kvasir’s core technology. “Their backing is crucial in accelerating our path to scale and commercialize. With our technology, you can change the fuel, not the engine. This simplifies the transition for hard-to-decarbonize sectors, boosting cost-efficiency for carriers, whether ships or aircraft.”
The joint investment of EUR 3 million reflects a strategic collaboration aimed at driving innovation in sustainable energy solutions.
“At The Footprint Firm, we are dedicated to supporting climate-positive innovations that have the potential to make a significant impact,” said Mikkel Skytte Hejbøl, Director at The Footprint Firm. “We believe that Kvasir Technologies’ pioneering approach to biofuel development aligns with our mission, and we are excited to be part of their journey toward a greener future.”
“It is at the core of EIFO’s purpose to support innovative Danish companies that can contribute to the green transition worldwide,” said Johan Bitsch Nielsen, Investment Manager at EIFO’s Green Transition team. “Kvasir Technologies’ quest to substitute fossil fuels in traditional ship and flight engines has the potential to become a game changer for the green transition in the industry. With this investment, we are proud to support Kvasir Technologies in their effort to demonstrate that sustainable biofuels can be produced at scale.”
In March 2023, Kvasir received investments from Mærsk Growth and Vår Ventures, and this investment brings the total Seed round investment to about EUR 5 million. The company’s next funding milestone is an upcoming Series A, to raise additional funding to facilitate the scaling to a first-of-a-kind commercial biofuel production plant. 2024 marks the year where Kvasir T echnologies is constructing its Demo Plant in Fredericia, Denmark. This crucial step aligns with Kvasir’s commitment to developing sustainable energy alternatives and reducing the world’s dependence on fossil fuels. Kvasir’s endeavors have also gained international recognition, exemplified by the company winning the prestigious global New Energy Challenge organized by global energy giant Shell in November 2023.
More facts about Kvasir Technologies
- Kvasir’s proprietary one-step process converts lignocellulose into a biofuel that can be used as drop-in oil or replace fossil fuel oil directly at a previously unseen high yield and quality.
- The technology solution efficiently converts energy and can be used with existing fuel infrastructures, allowing for easy and cost-effective integration.
- The CO2 reduction happens mainly in two main ways: (1) utilizing and converting a bioresource that would otherwise contribute to greenhouse gases (e.g. unused straw or sustainable waste from forest- and paperproduction ) and (2) producing a CO2-neutral product that substitutes fossil products (e.g. in the maritime/aviation sectors).
- Kvasir has established partnerships with leading biofuels research institutions such as Bioeconomy Institute/Iowa State University, DTU Chemical Engineering/T echnical University of Denmark, and AAU Energy/Aalborg University, Denmark.
- Beyond the marine sector, Kvasir is currently scale-testing its solution initially aimed at the maritime sector to develop sustainable aviation fuels (SAF). Kvasir’s solution, once proven scalable in large-scale production set-up, can be applied in more sectors.
- Kvasir’s demo plant in Fredericia is the final stage before a commercial plant is built.
- Kvasir has 20 employees and continues to grow as operations scale.
- Kvasir’s board members: Lars Erik Clausen, Chair (prev. CEO at Shell and EVP at IBM and Ørsted), Mette Fløe Nielsen (General Partner at VÅR Ventures), Nikolaj Kristensen (Global Head of Innovation & Partnership, Energy Transition, Maersk), and Mikkel Skytte Hejbøl (Director, The Footprint Firm).
About The Footprint Firm
The Footprint Firm is an advisory and investment company with an exclusive focus on sustainability. The firm collaborates with its clients to drive climate-positive innovations and sustainable solutions, bridging connections between companies, academic institutions, government bodies, start-ups, and capital. The Footprint Firm reinvests 100% of its profits into sustainable start-ups, working closely with its investments to help them realize their impact potential.
About EIFO (Export and Investment Fund of Denmark)
The Export and Investment Fund of Denmark (EIFO) serves as a single point of access for Danish companies and their foreign and domestic business partners in need of risk-tolerant government capital. EIFO, guided by professionalism and an international outlook, is committed to supporting successful businesses that contribute to the growth of the Danish economy and global sustainability. EIFO operates as Denmark’s national promotional bank and export credit agency, combining these roles into one financial institution.
About Kvasir Technologies
Kvasir Technologies, established in 2018 as a spin-out from the Technical University of Denmark, is a Danish clean-tech company specializing in innovative and sustainable biofuel production. Our technology converts non-edible waste-based biomass into a 1:1 substitute for fossil fuel in a simple, sustainable, and scalable way. We offer a CO2-neutral drop-in biofuel with no switching costs or added storage costs. With a dedicated team of experts, we are committed to advancing sustainable energy solutions.
Press contacts
Kvasir Technologies: Susanne Tolstrup, Head of Communications, e-mail: [email protected], Mobile: +45 3172 0144
The Footprint Firm: Belinda Taylor, Marketing Manager, e- mail: [email protected], Mobile: +45 5360 4112
Export and Investment Fund of Denmark,EIFO: Jon Arskog, Chief Communications Consultant, e-mail: [email protected] Mobile: +45 2252 9648
