You are using an outdated browser For a better experience using this site, please upgrade to a modern web browser. Subscribe Get Daily Email Subscribe --> Contact Us Sign in Home News & Features Compliance Costs Bunker Prices Bunker Intelligence EMEA News Latest Features World Americas EMEA Asia/Pacific Home News & Features EMEA Biofuel Startup Kvasir Raises €10 Million to Advance Marine Biofuel Supply Biofuel Startup Kvasir Raises €10 Million to Advance Marine Biofuel Supply by Ship & Bunker News Team Thursday June 18, 2026 Tweet Follow @shipandbunker The funding round includes European Energy as a new investor. File Image / Pixabay Danish biofuel startup Kvasir Technologies has raised €10 million in a funding round to scale up and commercialise its marine biofuel. The round included new investor European Energy , alongside existing investors EIFO , Maersk Growth and Footprint Fund , it said in a statement on its website on Thursday . Kvasir and European Energy have also formed a joint venture, KVEEN Biofuels , to work towards the construction of a commercial-scale biofuel plant. Kvasir's technology converts lignin-based residues from agriculture and forestry into marine biofuel that can be used in existing ship engines. Kvasir was founded in 2018 as a spin-out from the Technical University of Denmark , with container shipping firm Maersk unit being one of the early investors in 2023 . The funding will help expand the company's demonstration facility in Fredericia , which can produce up to 2 mt/day of biofuel, and advance plans for a commercial plant in Aabenraa . “This investment round enables us to take the next crucial steps in developing and scaling our technology,"  Joachim Bachmann Nielsen , CEO of Kvasir Technologies, said.  Ship & Bunker News Team To contact the editor responsible for this story email us at [email protected] Also in the News IMO Condemns US Attack on Tanker off Oman "This is simply unacceptable," IMO Secr