Kvasir Technologies is a DTU spin-out that has developed a patented process to convert non-edible lignin-based residues from agriculture and forestry into refined, climate-neutral fuels intended as direct replacements for conventional marine fuels. The company operates a test facility in Fredericia with up to two tonnes-per-day production capacity and plans a commercial-scale demonstration plant in Aabenraa. Kvasir recently raised €10 million in a Series A to fund scale-up and commercialisation and has secured a strategic partnership with European Energy to form KVEEN Biofuels. The technology is positioned to be used within existing ship engines and infrastructure, aiming to lower barriers to adoption in the maritime sector. Existing investors EIFO, Mærsk Growth, and Footprint Fund participated in the round alongside new investment from European Energy.

Total raised

$15M

Funding rounds

2

Latest round

Series A

Latest activity

Jun 2026