Kvasir Technologies, a Copenhagen-based startup, has developed a climate-neutral marine fuel and is now scaling its commercial operations. The company has raised €10 million in a Series A funding round to accelerate that push.
European Energy joined the round as a new investor, alongside existing backers EIFO, Mærsk Growth, and Footprint Fund. The fresh capital will go toward ramping up production and bringing the fuel to market.
The maritime sector faces pressure to decarbonize, and alternative fuels are a key part of that transition. Kvasir's fuel—derived from biomass—aims to offer a drop-in replacement for conventional marine fuels without requiring engine modifications.
If successful, the startup could help shipping giants meet emissions targets more quickly. The involvement of Mærsk Growth, the venture arm of shipping giant Maersk, signals strong industry interest in low-carbon propulsion.
Founder and CEO Kristian H. M. Mortensen previously worked on biofuel projects at the Technical University of Denmark. He has cited the complexity of scaling novel fuel production as a key challenge ahead.