Kvasir Technologies secures EUR 3 million investment from The Footprint Firm and EIFO

Copenhagen, 22 February 2024 – Kvasir Technologies, a Danish pioneer in sustainable biofuel development, announces a significant milestone in its journey toward carbon-neutral energy solutions. The company has successfully closed a seed extension, securing substantial investments from sustainability advisory and impact investor The Footprint Firm, based in Copenhagen, and the Export and Investment Fund of Denmark (EIFO), formerly known as Vækstfonden. With this latest round, Kvasir Technologies has now secured an impressive 11 million Euros (approximately 85 million DKK) in funding, a remarkable achievement with the majority raised in the past 18 months.

"We're grateful for the support from The Footprint Firm and EIFO," said Joachim Bachmann-Nielsen, CEO and co-founder of Kvasir Technologies and the original inventor of Kvasir’s core technology. "Their backing is crucial in accelerating our path to scale and commercialize. With our technology, you can change the fuel, not the engine. This simplifies the transition for hard-to-decarbonize sectors, boosting cost-efficiency for carriers, whether ships or aircraft."

The joint investment of EUR 3 million reflects a strategic collaboration aimed at driving innovation in sustainable energy solutions.

"At The Footprint Firm, we are dedicated to supporting climate-positive innovations that have the potential to make a significant impact," said Mikkel Skytte Hejbøl, Director at The Footprint Firm. "We believe that Kvasir Technologies' pioneering approach to biofuel development aligns with our mission, and we are excited to be part of their journey toward a greener future.”

"It is at the core of EIFO's purpose to support innovative Danish companies that can contribute to the green transition worldwide,” said Johan Bitsch Nielsen, Investment Manager at EIFO's Green Transition team.

“Kvasir Technologies' quest to substitute fossil fuels in traditional ship and flight engines has the potential to become a game changer for the green transition in the industry. With this investment, we are proud to support Kvasir Technologies in their effort to demonstrate that sustainable biofuels can be produced at scale.”

In March 2023, Kvasir received investments from Mærsk Growth and Vår Ventures, and this investment brings the total Seed round investment to about EUR 5 million. The company's next funding milestone is an upcoming Series A, to raise additional funding to facilitate the scaling to a first-of-a-kind commercial biofuel production plant.

2024 marks the year where Kvasir Technologies is constructing its Demo Plant in Fredericia, Denmark. This crucial step aligns with Kvasir's commitment to developing sustainable energy alternatives and reducing the world's dependence on fossil fuels. Kvasir’s endeavors have also gained international recognition, exemplified by the company winning the prestigious global New Energy Challenge organized by global energy giant Shell in November 2023.

More facts about Kvasir Technologies:

• Kvasir’s proprietary one-step process converts lignocellulose into a biofuel that can be used as drop-in oil or replace fossil fuel oil directly at a previously unseen high yield and quality.
• The technology solution efficiently converts energy and can be used with existing fuel infrastructures, allowing for easy and cost-effective integration.
• The CO₂ reduction happens mainly in two main ways: (1) utilizing and converting a bioresource that would otherwise contribute to greenhouse gases (e.g. unused straw or sustainable waste from forest- and paper production ) and (2) producing a CO₂-neutral product that substitutes fossil products (e.g. in the maritime/aviation sectors).
• Kvasir has established partnerships with leading biofuels research institutions such as Bioeconomy Institute/Iowa State University, DTU Chemical Engineering/Technical University of Denmark, and AAU Energy/Aalborg University, Denmark.
• Beyond the marine sector, Kvasir is currently scale-testing its solution initially aimed at the maritime sector to develop sustainable aviation fuels (SAF). Kvasir’s solution, once proven scalable in large-scale production set-up, can be applied in more sectors.
• Kvasir’s demo plant in Fredericia is the final stage before a commercial plant is built.
• Kvasir has 20 employees and continues to grow as operations scale.
• Kvasir’s board members: Lars Erik Clausen, Chair (prev. CEO at Shell and EVP at IBM and Ørsted), Mette Fløe Nielsen (General Partner at VÅR Ventures), Nikolaj Kristensen (Global Head of Innovation & Partnership, Energy Transition, Maersk), and Mikkel Skytte Hejbøl (Director, The Footprint Firm).

About The Footprint Firm:
The Footprint Firm is an advisory and investment company with an exclusive focus on sustainability. The firm collaborates with its clients to drive climate-positive innovations and sustainable solutions, bridging connections between companies, academic institutions, government bodies, start-ups, and capital. The Footprint Firm reinvests 100% of its profits into sustainable start-ups, working closely with its investments to help them realize their impact potential.

About EIFO (Export and Investment Fund of Denmark):
The Export and Investment Fund of Denmark (EIFO) serves as a single point of access for Danish companies and their foreign and domestic business partners in need of risk-tolerant government capital. EIFO, guided by professionalism and an international outlook, is committed to supporting successful businesses that contribute to the growth of the Danish economy and global sustainability. EIFO operates as Denmark's national promotional bank and export credit agency, combining these roles into one financial institution.

About Kvasir Technologies:
Kvasir Technologies, established in 2018 as a spin-out from the Technical University of Denmark, is a Danish clean-tech company specializing in innovative and sustainable biofuel production. Our technology converts non-edible waste-based biomass into a 1:1 substitute for fossil fuel in a simple, sustainable, and scalable way. We offer a CO₂-neutral drop-in biofuel with no switching costs or added storage costs. With a dedicated team of experts, we are committed to advancing sustainable energy solutions.

Press contacts:

• Kvasir Technologies: Susanne Tolstrup, Head of Communications, e-mail: st@kvasirtechnologies.com, Mobile: +45 3172 0144
• The Footprint Firm: Belinda Taylor, Marketing Manager, e-mail: bta@thefootprintfirm.com, Mobile: +45 5360 4112
• Export and Investment Fund of Denmark, EIFO: Jon Arskog, Chief Communications Consultant, e-mail: joar@eifo.dk Mobile: +45 2252 9648

DANISH VERSION OF PRESS RELEASE

Kvasir Technologies sikrer investering på 3 millioner Euro fra The Footprint Firm og EIFO

København, den 22. februar 2024 – Kvasir Technologies, en dansk pioner inden for udvikling af bæredygtigt biobrændstof, har nået en vigtig milepæl i sine bestræbelser på at udvikle klimaneutrale energiløsninger. Kvasir Technologies har netop fået tilført investeringskapital (forlængelse af seed-runde) på i alt 3 millioner Euro fra investerings- og bæredygtighedsrådgiver The Footprint Firm (København) og Danmarks Eksport- og Investeringsfond (EIFO), tidligere kendt som Vækstfonden. Kvasir Technologies har nu sikret i alt 11 millioner Euro (ca. 85 millioner DKK) i finansiering, hvoraf størstedelen er rejst inden for de seneste 18 måneder.

"Vi er taknemmelige for støtten fra The Footprint Firm og EIFO," siger Joachim Bachmann Nielsen, adm. direktør og medstifter af Kvasir Technologies og den oprindelige opfinder af Kvasirs kerneteknologi. "Investorernes opbakning er afgørende for at fremskynde skalering og kommercialisering af vores teknologiske løsning, som gør det muligt udelukkende at udskifte brændstoffet frem for motorteknologien. Det forenkler markant overgangen for de sektorer, der har sværest ved at nedbringe deres CO₂ udledninger, og er langt mere omkostningseffektivt for transportører, hvad enten det er den maritime sektor eller flyindustrien."

Den samlede investering på 3 millioner Euro afspejler et strategisk samarbejde med fokus på at fremme innovation inden for bæredygtige energiløsninger.

"Hos The Footprint Firm har vi fokus på at støtte klimapositiv innovation med potentiale til at gøre en signifikant forskel," siger Mikkel Skytte Hejbøl, Director hos The Footprint Firm. "Kvasirs banebrydende tilgang til udvikling af biobrændstoffer matcher vores mission, og vi er glade for at være med på deres rejse mod en grønnere fremtid."

"Det er EIFOs hovedformål at støtte innovative danske virksomheder, der kan bidrage til den grønne omstilling globalt," siger Johan Bitsch Nielsen, investeringschef i EIFOs Green Transition team. "Kvasir Technologies stræben efter at erstatte fossile brændstoffer i traditionelle skibs- og flymotorer har potentiale til at blive en gamechanger for den grønne omstilling i branchen. Med denne investering er vi stolte af at støtte Kvasir Technologies i deres bestræbelser på at demonstrere, at bæredygtige biobrændstoffer kan produceres i storskala."

I marts 2023 modtog Kvasir investeringer fra Mærsk Growth og Vår Ventures, og med denne seneste investering udgør den samlede seed investering cirka 5 millioner Euro. Virksomhedens næste finansieringsmilepæl er en kommende Serie A, som skal rejse yderligere kapital til at skalere Kvasirs biobrændstofteknologi og etablere det første kommercielle produktionsanlæg af sin art.

2024 markerer året, hvor Kvasir Technologies opfører sit første demonstrationsanlæg i Fredericia, Danmark. Denne milepæl er i overensstemmelse med Kvasirs mission om at bidrage til udvikling af bæredygtige energialternativer og dermed reducere verdens afhængighed af fossile brændstoffer.

Kvasirs bestræbelser har allerede opnået international anerkendelse, herunder virksomhedens sejr i den prestigefyldte globale New Energy Challenge i november 2023, som energigiganten Shell står bag.

Mere information om Kvasir Technologies:

• Kvasirs patenterede ét-trins proces omdanner lignocellulose til et biobrændstof, der kan bruges som drop-in-olie eller erstatte fossile brændselsolier direkte med hidtil uset højt udbytte og kvalitet.
• Teknologien konverterer effektivt energi og kan bruges med eksisterende brændstofinfrastrukturer, hvilket muliggør nem og omkostningseffektiv integration.
• CO₂-reduktionen sker primært på to måder: (1) ved at udnytte og konvertere en bioressource (restprodukter), der ellers ville bidrage til drivhusgasser (f.eks. ubrugt strå eller rester fra bæredygtig skov- og papirproduktion), og (2) ved at producere et CO₂-neutralt produkt, der erstatter fossile produkter (f.eks. inden for den maritime sektor eller luftfartsindustrien).
  
• Kvasir har etableret partnerskaber med førende forskningsinstitutioner inden for biobrændstoffer såsom Bioeconomy Institute/Iowa State University, DTU Kemiteknik/Danmarks Tekniske Universitet og AAU Energy/Aalborg Universitet.
• Udover den maritime sektor tester Kvasir i øjeblikket sin løsning til bæredygtige flybrændstoffer (SAF). Når Kvasirs løsning først er bevist skalerbar i en storproduktionsopsætning, forventes den at kunne anvendes i flere sektorer.
• Kvasirs demoplant i Fredericia er sidste trin før et kommercielt produktionsanlæg kan etableres.
• Kvasir har 20 medarbejdere og ansætter løbende medarbejdere i takt med væksten.
• Kvasirs bestyrelsesmedlemmer: Lars Erik Clausen, formand (tidl. CEO hos Shell, EVP hos IBM og DONG (Ørsted)), Mette Fløe Nielsen (General Partner hos VÅR Ventures), Nikolaj Kristensen (Global Head of Innovation & Partnerships, Energy Transition, Mærsk) og Mikkel Skytte Hejbøl (Director, The Footprint Firm).
  
  

Om The Footprint Firm: The Footprint Firm er et rådgivnings- og investeringsselskab med eksklusivt fokus på bæredygtighed. Firmaet samarbejder med sine kunder om at fremme klimapositive innovationer og bæredygtige løsninger ved at etablere forbindelser mellem virksomheder, akademiske institutioner, offentlige organer, startups og kapital. The Footprint Firm geninvesterer 100% af sit overskud i bæredygtige opstartsvirksomheder og arbejder tæt sammen med sine investeringer for at hjælpe dem med at realisere deres impact potentiale.

Om EIFO: EIFO, Danmarks Eksport- og Investeringsfond fungerer som et centralt adgangspunkt for danske virksomheder og deres udenlandske og indenlandske forretningspartnere, der har brug for risikovillig statslig kapital. EIFO ledes med professionalisme og internationalt udsyn og er dedikeret til at støtte succesfulde virksomheder, der bidrager til væksten i den danske økonomi og global bæredygtighed. EIFO er Danmarks nationale erhvervsfremmebank og eksportkreditagentur og kombinerer disse roller i én og samme finansielle institution.

Om Kvasir Technologies: Kvasir Technologies, etableret i 2018 som et spin-out fra Danmarks Tekniske Universitet, er et dansk cleantech-selskab specialiseret i innovativ bæredygtig biobrændstofproduktion. Vores teknologi omdanner ikke-spiseligt affaldsbaseret biomasse til en 1:1 CO₂-neutral erstatning for fossilt brændstof på en enkel, bæredygtig og skalerbar måde. Virksomheden driver pilotaktiviteter i Danmark og USA og planlægger etableringen af sit første demonstrationsanlæg i 2024.

Pressekontakter:

Kvasir Technologies: Susanne Tolstrup, Head of Communications, e-mail: st@kvasirtechnologies.com, Mobil: +45 3172 0144

The Footprint Firm: Belinda Taylor, Marketing Manager, e-mail: bta@thefootprintfirm.com, Mobil: +45 5360 4112

Danmarks Eksport- og Investeringsfond, EIFO: Jon Arskog, Chief Communications Consultant, e-mail: joar@eifo.dk, Mobil: +45 2252 9648