Kvasir Technologies lands EUR 10 million to scale bio bunker fuel production

Danish biofuel startup Kvasir Technologies on Thursday (18 June) said it has raised EUR 10 million (USD 11.4 million) in a Series A investment round with participation from European Energy as a new investor, alongside existing investors EIFO, Maersk 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.

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,” said Joachim Bachmann Nielsen, Ph.D. in Chemical Engineering and CEO of Kvasir Technologies.

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.

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 metric tonnes (mt) 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.

Photo credit: Kvasir Technologies
Published: 19 June, 2026