• Follow Us On Our Preferred Social Media Platform:

Shell, Trafigura, AET and Saudi Aramco invest USD 10.92 million in Daphne Technology

01 Nov 2021

Maritime technology organisation Daphne Technology on Friday (29 October) said Shell Ventures, Trafigura, AET, and Saudi Aramco Energy Ventures have invested a total of USD 10.92 million into the company.

Daphne leverages innovative technology to remove toxic and GHG emissions such as nitrogen oxides, methane and carbon dioxide from the combustion gas of any bunker fuel type, including oil, liquefied natural gas (LNG), biofuels, ammonia, and hydrogen.

Shell Ventures led the CHF 10 million (USD 10.92 million) capital raise along with Trafigura. AET, and all previous investors co-invested, including Saudi Aramco Energy Ventures and the Innovation Fund. The capital raise earmarks the second round of funding since Daphne Technology spun off from the Swiss Federal Technical Institute (EPFL) in 2018.

“We are proud to have attracted best-in-class strategic investors all committed to working together, with Daphne, for an economically sustainable energy transition,” says Dr. Mario Michan, Founder & CEO.

“The capital raise enables us to deploy our systems and expand our portfolio of emission reduction solutions. The transition to a more sustainable economy represents a historic investment opportunity.”

All new shareholders are joining Daphne with the common goal of accelerating the company’s technology deployment and maximising its impact.

“We are very pleased to support Daphne in their mission to create a more sustainable energy future. Daphne’s technology addresses a significant challenge in the hard-to-abate marine space when it comes to reducing greenhouse gas emissions,” comments Peter van Giessel, Investment Director, Shell Ventures.

“Their plug-and-play solution has enormous potential to also help other sectors, and we look forward to supporting them in their journey.”

“Daphne Technology’s innovative approach has the potential to become a pivotal technology for the maritime industry,” adds Margaux Moore, Head of Energy Transition Research at Trafigura.

“The ability to capture emissions from hydrocarbon maritime fuels and meaningfully reduce emissions in the short-term is a critical component of the industry’s transition to net zero emissions, in which multiple fuels and multiple abatement solutions will be required.

“This investment fits well with our strategy to invest in and develop technologies and business models that will be required for the transition to net zero.”

“AET is very pleased to be one of Daphne Technology’s strategic investors and support the development and deployment of technology to transition the maritime sector to net-zero,” explains Capt Rajalingam Subramaniam, AET President & CEO.

“This investment marks our entry into Research and Development (R&D) for GHG abatement technologies aligned with our ongoing decarbonisation initiative and is made alongside other leading like-minded energy players and strategic partners.

“As a believer in liquefied natural gas (LNG) as a longer-term solution in maritime decarbonisation, we have been looking for technologies to reduce the methane slip and improve the “tank to wake” decarbonisation environment. Therefore, aside from being an investor, we will also deploy and test the technology across our vessels which utilise LNG as a fuel source.”

 

Photo credit: Daphne Technology
Published: 1 November, 2021

Related News

Featured News

Our Industry Partners

PR Newswire