Kvasir Technologies Raises EUR 10 Million to Accelerate Commercialization of Climate-Neutral Marine Fuel

June 19, 2026

Print This Article Share it With Friends

(Kvasir Technologies) 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 READ MORE

Related articles

Excerpt from Kvasir: MarineFifty, the global investment business focused on maritime decarbonisation, announced today their intention to invest in Kvasir Technologies ApS (“Kvasir”), the Danish fueltech company pioneering a new route to sustainable marine fuel.

This follows the initial Series A financing round, announced by Kvasir on 18 June 2026, in which they raised EUR 10 million from a mix of existing and new investors. Subject to contract, MarineFifty intends to invest up to EUR 11 million as part of Kvasir’s Series A financing round, enabling the company to move from successful /demonstration plant operations to FID of a First Of A Kind (“FOAK”) plant with commercial scale production.

Kvasir has developed a proprietary process that converts abundant, non-edible biomass into a high-quality bio-oil — a drop-in replacement for fossil HFO (Heavy Fuel Oil) that works with existing ship engines. By enabling shipowners to change fuel rather than engine, the technology offers a practical, scalable path to decarbonising one of the world’s hardest-to-abate sectors.

The investment reflects MarineFifty’s strategy of backing the breakthrough technologies, fuels and infrastructure that the shipping industry needs to reach net zero. An estimated 60–70% of the sector’s emissions reductions must come from exactly these kinds of innovations, and MarineFifty aims to provide not only capital but the technical conviction and partnership to help them reach commercial scale.

“Many of the technologies that will decarbonise shipping have already been invented. At MarineFifty, our mission is to find them, back them, and get them to scale in time to make a difference,” said Krishnan Narayanan, Chairman of MarineFifty. “Kvasir is exactly that kind of breakthrough – a scalable, drop-in solution that meets shipping where it is today, while pointing to a fossil-free future.”

“This investment is a strong endorsement of the technology our team has built and the path ahead of us,” said Dr. Joachim B. Nielsen, CEO and Co-Founder of Kvasir Technologies. “MarineFifty brings deep sector knowledge and a shared sense of urgency about decarbonising shipping. Their support helps us move faster towards commercial-scale production and towards delivering a genuine, sustainable alternative to fossil oil.”

About MarineFifty

MarineFifty is an investment firm focused on marine sustainability, supported by a diverse and experienced team from shipping, energy, chemicals, sustainability, finance, and strategy. Its mission is to accelerate and underpin the shipping industry’s journey to net zero through targeted investments in technologies and solutions capable of achieving industry-scale impact. MarineFifty invests across the full value chain — from clean fuels to energy efficiency and carbon capture technologies onboard vessels. It is part of The Fifty Group of companies, a network of businesses advancing sustainability across aviation, shipping, clean fuels, carbon removal, venture capital, and structured finance.
Learn more at marinefifty.com

About Kvasir Technologies

Kvasir Technologies is a Danish cleantech company pioneering the next generation of sustainable fuels. Through a proprietary, breakthrough process, Kvasir converts abundant, non-edible biomass into high-quality bio-oil that is feedstock-flexible, cost-efficient and compatible with existing fuel infrastructure — enabling rapid market deployment. Kvasir targets hard-to-abate sectors such as marine and heavy industry, replacing fossil oil with a scalable, sustainable alternative.
Learn more at kvasirtechnologies.com READ MORE