Kvasir Technologies secures funding from EU to accelerate the development of its biofuel technology
Copenhagen, 7 June, 2022
Kvasir Technologies – a Danish technology company developing a process to produce climate friendly fuel for the shipping industry – has secured € 2.5 million in support from the EU program EIC accelerator.
Kvasir Technologies is a spin-out company from the Technical University of Denmark, where the process was invented by CEO and co-founder Joachim Bachmann Nielsen during his Ph.D.-studies. Kvasir’s proprietary process can convert any biomass waste resource such as straw, corn stower and woody residue into an oil product at a previously unseen high yield.
The produced oil has properties like marine heavy fuel oil and can be used as a drop-in fuel in the maritime industry.
“The grant from EIC is a significant sign of approval of our technology and its potential to reduce greenhouse gas emissions from a hard to abate sector like shipping, while also presenting a very attractive business case.” says CEO of Kvasir Technologies Dr Joachim B. Nielsen.
The funds will be used to further demonstrate the technology by increasing production capacity and testing the produced oil on a commercial seagoing vessel with one of the world’s leading shipping companies.
“I am happy and proud that the EIC has chosen Kvasir as one of the recipients of the EIC Accelerator. This grant will allow us to scale faster and reach commercial production by 2025.”, says Lars Clausen, Chairman of the board of Kvasir. “Accelerating our biofuel technology is of vital importance to mitigate climate change, as the shipping industry has no readily available substitute for fossil fuel”.
For information about this round of funding under EIC Accelerator please visit:
Read case interview about the EU grant from EUindblik
Read story about the EU grant from ScienceReport.dk