Kvasir Technologies, a Danish company specializing in sustainable biofuel development, has announced a €3M Seed extension funding round. The investment comes from The Footprint Firm, a sustainability advisory and impact investor, and the Export and Investment Fund of Denmark (EIFO), formerly known as Vækstfonden. This latest capital injection increases Kvasir Technologies’ total funding to €11M.
Joachim Bachmann-Nielsen, CEO and co-founder of Kvasir Technologies, expressed gratitude for the support from The Footprint Firm and EIFO, highlighting its importance in accelerating the company’s 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,” Bachmann-Nielsen stated.
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Advancing Biofuel Production Technology
Kvasir Technologies is constructing its Demo Plant in Fredericia, Denmark, to develop sustainable energy alternatives and reduce global dependence on fossil fuels. The company’s proprietary one-step process efficiently converts lignocellulose into high-quality biofuel, suitable as a drop-in oil or direct replacement for fossil fuel oil. This innovation is expected to significantly impact the biofuel market, offering a sustainable alternative to traditional fossil fuels.
Expanding Research and Partnerships
Founded in 2018 as a spin-out from the Technical University of Denmark, Kvasir Technologies has established partnerships with leading biofuels research institutions, including the Bioeconomy Institute/Iowa State University, DTU Chemical Engineering/Technical University of Denmark, and AAU Energy/Aalborg University, Denmark. Initially focused on the maritime sector, Kvasir is now conducting scale-testing to develop sustainable aviation fuels, with plans to expand into other industries once scalability is proven in large-scale production settings.
Investor Confidence in Kvasir’s Mission
The Footprint Firm and EIFO have expressed their commitment to supporting innovative Danish companies that contribute to the green transition worldwide. “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,” said Johan Bitsch Nielsen, Investment Manager at EIFO’s Green Transition team.
With this funding, Kvasir Technologies is well-positioned to advance its mission of producing sustainable biofuels at scale, contributing to the global effort to reduce carbon emissions and transition towards greener energy sources.
