1 The EIC Accelerator Project

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and startups in Europe that are developing innovative technologies and solutions with significant market potential. The program aims to facilitate the growth of deep-tech startups, particularly those engaged in high-risk, high-potential innovations.

Funding Structure

The EIC Accelerator provides funding through two main components: grants and equity investments.

Purpose and Impact

The primary purpose of the EIC Accelerator is to foster innovation in the European startup ecosystem, particularly in deep-tech sectors such as biotechnology, advanced materials, and clean technology. By providing financial support, the program helps companies to scale their operations and secure additional funding from private investors. This dual funding approach not only alleviates financial burdens but also enhances the credibility of the projects, making them more attractive to venture capitalists and other investors.

The EIC Accelerator plays a pivotal role in bridging the funding gap faced by many innovative startups. It empowers companies with the financial resources necessary to develop and commercialize their technologies, thus contributing to economic growth and job creation in Europe.

Case Study: Kvasir Technologies IVS and the SEAFARER Project

Kvasir Technologies IVS, a Danish startup, is a notable winner of the EIC Accelerator, having secured funding for their project titled SEAFARER. The project focuses on developing a novel biofuel platform centered around lignocellulosic oil for maritime transportation.

Project Overview: SEAFARER

The SEAFARER project aims to create a sustainable alternative to conventional marine fuels by leveraging lignocellulosic biomass as a feedstock. Lignocellulosic biomass includes organic materials such as agricultural residues, wood chips, and other plant-based resources, which are abundant and renewable. The project focuses on converting this biomass into lignocellulosic oil, which can be used as a biofuel in maritime applications.

Technology Basics and Background

Lignocellulosic biomass is a complex material composed of cellulose, hemicellulose, and lignin. This structure provides both challenges and opportunities for biofuel production. Traditional methods of biomass conversion often involve high energy consumption and produce limited yields. However, Kvasir Technologies IVS has been developing advanced processes that enhance the efficiency of converting lignocellulosic biomass into oil.

The technology entails several key steps:

The SEAFARER project is positioned to address the pressing need for sustainable fuels in the maritime sector, which is under increasing regulatory pressure to reduce greenhouse gas emissions. By offering a viable biofuel alternative, Kvasir Technologies IVS aims to contribute significantly to the decarbonization of maritime transportation, aligning with broader European environmental goals.

Conclusion

The EIC Accelerator program serves as a crucial support mechanism for innovative startups like Kvasir Technologies IVS. By providing substantial grant and equity funding, the program enables companies to transform groundbreaking ideas into commercially viable solutions. The SEAFARER project exemplifies how this support translates into tangible advancements in sustainable energy, particularly in addressing the challenges faced by the maritime industry. Through initiatives like these, the EIC Accelerator reinforces Europe's commitment to fostering innovation and sustainability in the deep-tech ecosystem.

2 The Funding Rounds

Financing Raised

Since winning the EIC Accelerator in March 2022, Kvasir Technologies IVS has substantially increased its total funding to approximately €11 million (about 85 million DKK) as of February 2024. This figure includes a mix of grant and equity investments, with most of the capital raised within the past 18 months.

Funding Rounds Overview

Kvasir Technologies has completed at least six funding rounds since its inception:

• Grant Funding (EIC Accelerator): In June 2022, Kvasir secured a €2.5 million grant from the EU’s EIC Accelerator program.
• Seed/Equity Rounds: The company closed several seed and seed extension rounds between early 2023 and early 2024.
• Additional Grants: Multiple grants have been reported alongside private investment.

Summary Table: Key Funding Events Since March 23, 2022

Date	Round Type	Amount	Lead Investors
June 8, 2022	Grant (EIC Accelerator)	€2.5M	European Innovation Council (EIC)
Mar/Apr, 2023	Seed VC / Investment	Not disclosed	Mærsk Growth, Vår Ventures
Feb.22–23, '24	Seed Extension	€3M	The Footprint Firm; Export and Investment Fund DK

</em>Exact dates for some rounds are approximate based on public reports.

Timing & Amounts

• June 8, 2022: Announcement of EIC grant (€2.5M).
• March–April, 2023: Kvasir received equity investments from Mærsk Growth and Vår Ventures as part of an expanded seed round; this brought total seed investment close to €5 million by early/mid-2023.
• February 22–23, 2024: A further €3M was raised via a seed extension round led by The Footprint Firm and EIFO (Export and Investment Fund of Denmark), bringing total cumulative funding to about €11 million.

Investor Information

The following institutional investors participated in recent rounds:

• The Footprint Firm – Impact investor focused on sustainability.
• Export and Investment Fund of Denmark (EIFO) – National development finance institution.
• Mærsk Growth – Corporate venture arm focusing on logistics/supply chain innovation.
• Vår Ventures – Venture capital firm investing in climate-tech startups.

Earlier support also came through:

European Innovation Council (EIC) via the EU’s Horizon Europe program.

Kvasir Technologies now counts at least eight distinct investors across all its financing events.

Valuations

No specific company valuation figures have been publicly disclosed for any funding round post-EIC win or otherwise up to April 24th of the current year. Publicly available databases list valuation data as “undisclosed” or “not defined.”

Exit Events: IPOs or Acquisitions

There are no records indicating that Kvasir Technologies has pursued an IPO or undergone an acquisition/buyout event since receiving EIC Accelerator funding through April 24th of the current year. The company remains privately held.

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Sources

• Kvasir Technologies secures funding from EU to accelerate biofuel technology
• Kvasir Stock Price, Funding & Financials — CB Insights
• Kvasir Technologies raises €3M for sustainable Biofuel Development — FoundersToday.news
• Kvasir Technologies secures EUR 3 million investment — MyNewsdesk press release

3 The Press Releases

Kvasir Technologies: Advancements and Updates Since EIC Accelerator Funding

Kvasir Technologies, a Danish company, received EIC Accelerator funding in March 2022. Since then, the company has made significant strides in developing its cutting-edge biofuel technology and expanding its partnerships.

Technology and Innovation

Kvasir Technologies specializes in converting plant biomass into carbon-neutral biofuels that can directly replace fossil fuels in existing engines. This innovative approach eliminates the need for retrofitting engines, making it a cost-effective solution for sectors like maritime and aviation. The company's proprietary one-step process efficiently transforms lignocellulose into high-quality bio-oil, suitable for use as a drop-in oil or direct replacement for fossil fuel oil.

Partnerships and Collaborations

In November 2023, Kvasir Technologies signed a memorandum of understanding with Alfa Laval to enhance the performance and product quality of biofuel plants. Alfa Laval's expertise in separation and heat transfer equipment will support Kvasir's biofuel production facilities.

Kvasir Technologies has also collaborated with leading research institutions, including the Bioeconomy Institute/Iowa State University, DTU Chemical Engineering/Technical University of Denmark, and AAU Energy/Aalborg University, Denmark.

Funding and Investments

Since receiving EIC funding, Kvasir Technologies has secured significant investments. In April 2023, the company announced an investment round of EUR 2.15 million from VÅR Ventures and Maersk Growth. This was part of a larger EUR 7 million funding round that included a EUR 2.5 million non-dilutive grant from the European Innovation Council (EIC) and other project grants.

In February 2024, Kvasir Technologies secured an additional EUR 3 million in a Seed extension funding round from The Footprint Firm and the Export and Investment Fund of Denmark (EIFO), bringing its total funding to EUR 11 million.

Team and Leadership

Joachim Bachmann Nielsen serves as the CEO and co-founder of Kvasir Technologies. He is also the inventor of the company's proprietary liquefaction technology. Ulrik Falkenberg Lending holds the position of Chief Commercial Officer.

Press Releases and Updates

Kvasir Technologies frequently updates its news section on its website with recent developments, including investment announcements and partnership agreements. However, specific press releases or blog posts on social media are not mentioned.

Future Plans

The company is constructing a Demo Plant in Fredericia, Denmark, to further develop and commercialize its sustainable biofuel technology. Kvasir Technologies aims to expand its scale-testing to develop sustainable aviation fuels and eventually enter other industries once large-scale production is achieved.

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Sources: - Kvasir Technologies

• News | Kvasir Technologies
• Kvasir Technologies | News archive - Mynewsdesk
• News | Vår Ventures
• Kvasir Technologies raises €3M for sustainable Biofuel Development
• Meet Kvasir Technologies, the EIC beneficiary set to decarbonise ...
• Alfa Laval and Kvasir Technologies have signed a Memorandum of Understanding to cooperate on developing solutions for bio-fuel plants

4 The Technology Advancements

Kvasir Technologies IVS, a Danish clean-tech company specializing in advanced biofuel technology, has made significant progress since receiving the EIC Accelerator funding on March 23, 2022.

Current Capabilities

Kvasir Technologies develops a proprietary process that converts any lignocellulosic biomass waste (e.g., straw, corn stover, woody residues) into a carbon-neutral bio-crude/bio-oil. This bio-oil closely resembles conventional fossil heavy fuel oil and can be used as a drop-in replacement in existing marine engines without requiring engine modifications—a key advantage for decarbonizing hard-to-abate sectors like shipping and aviation. Their technology is highly scalable due to the abundant availability of agricultural and forestry waste.

The company has grown to about 20 employees and is actively expanding its capabilities not only in R&D but also engineering and project development to build, own, and operate biofuel production plants.

Advancements Since EIC Accelerator Funding

Scale-up & Demonstration:

Since receiving the €2.5 million EIC Accelerator grant in March 2022, Kvasir has focused on scaling its technology towards commercial readiness. They have built a demonstration plant located in Fredericia (Denmark), designed to produce approximately 2,000 liters per day of their sustainable biofuel product. This demo plant represents the final stage before constructing full commercial-scale production facilities.

Commercial Partnerships & Market Demonstrations:

Kvasir has engaged with leading shipping companies to test their produced oil on commercial seagoing vessels as part of ongoing trials validating performance under real operational conditions. Additionally, they have formed strategic partnerships with research institutions such as Bioeconomy Institute at Iowa State University and Technical University of Denmark for further validation and development.

Facility Development:

The company secured land at Aabenraa Harbour for building its first-of-a-kind (FOAK) commercial biofuel production facility—a pivotal step from demonstration scale towards industrial-scale operations expected soon after successful pilot results. The FOAK facility aims to establish Kvasir’s position as a "Green Oil Major".

Expansion Beyond Maritime Sector:

While initially targeting maritime fuels (marine heavy fuel oil substitute), Kvasir is actively scaling tests aiming at producing sustainable aviation fuels (SAF), leveraging their platform technology's flexibility across various transportation sectors.

Technology Improvements & New Features

Kvasir’s core innovation remains centered on producing high-yield bio-crude from diverse biomass feedstocks at unprecedented efficiency levels compared with prior technologies developed during CEO Joachim Bachmann Nielsen’s PhD work at DTU. Post-funding developments focus primarily on scale-up optimization rather than fundamental changes in underlying chemistry.

A notable advancement includes cooperation with Alfa Laval signed via memorandum of understanding aiming to improve plant design through enhanced separation processes and heat transfer equipment integration—expected to boost product quality and overall plant performance significantly.

Market Validation: Pilots & Trials

The produced oil has been or is being tested aboard commercial vessels operated by leading shipping firms under real-world conditions—demonstrating practical viability without requiring engine retrofits or new fleet investments which typically hinder alternative fuel adoption by legacy operators. These pilots serve both technical validation purposes as well as market confidence-building exercises.

Intellectual Property & Scientific Publications

While no explicit recent patent filings or publication listings post-EIC funding were found publicly available from search results within this timeframe:

• The company's patented core process remains central.
• They emphasize strong R&D capabilities supported by technical university collaborations.
• No specific newly published scientific studies or whitepapers were mentioned directly since receiving EIC funding.

Given their continuous collaboration with academic partners and participation in innovation challenges like New Energy Challenge finalist status achieved mid-2023 suggests ongoing research dissemination internally if not yet broadly published externally.

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Summary

Since securing the EIC Accelerator funding in March 2022:

• Kvasir Technologies IVS enhanced its proprietary biomass-to-bio-oil conversion tech focusing on scale-up via demonstration plant operation.
• It progressed from lab/pilot stages toward market-demonstrated solutions through vessel testing partnerships.
• Developed plans for FOAK commercial production facility construction underway.
• Expanded application scope targeting both marine fuels initially but progressing toward sustainable aviation fuels.
• Strengthened industrial collaborations including Alfa Laval for improved processing equipment integration.

These strides collectively place Kvasir Technologies firmly on track toward commercialization by around 2025 while advancing decarbonization options for hard-to-abate sectors such as shipping globally.

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Sources

5 The Partnerships and Customers

Kvasir Technologies IVS: Partnerships and Developments

Kvasir Technologies IVS, a Danish company specializing in sustainable biofuel development, has established significant partnerships and received notable investments since receiving EIC Accelerator funding in March 2022. These developments have positioned the company to accelerate its mission of driving climate-positive innovations.

Partnerships and Customers

Kvasir Technologies has fostered partnerships with leading biofuels research institutions, including:

• Bioeconomy Institute/Iowa State University
• DTU Chemical Engineering/Technical University of Denmark
• AAU Energy/Aalborg University, Denmark

Additionally, the company has collaborated with ShippingLab and future customer DS Norden in the shipping sector.

New Partners and Investors

Recent investors include: - The Footprint Firm: A sustainability advisory and impact investor.

• Export and Investment Fund of Denmark (EIFO): Provided a significant investment in February 2024.
• VÅR Ventures: Co-led an investment round with Maersk Growth in April 2023.
• Maersk Growth: Participated in the investment round alongside VÅR Ventures.

Nature of New Relationships

These partnerships aim to support Kvasir Technologies in scaling its proprietary biofuel technology. The technology enables the efficient conversion of lignocellulose into high-quality biofuels, suitable as drop-in replacements for fossil fuels. This innovation is crucial for hard-to-decarbonize sectors like shipping and aviation.

Market Positioning

The new relationships are expected to enhance Kvasir Technologies' market presence by:

• Accelerating Technology Advancements: Funding from these partnerships will help optimize and scale the company's biofuel production technology.
• Scaling Operations: Investments will facilitate the transition from demo plants to commercial facilities, advancing the company's mission to produce sustainable biofuels at scale.

Technology Advancements and Scaling

Kvasir Technologies plans to utilize these partnerships to: - Enhance Biofuel Production: Focus on developing sustainable aviation fuels and expanding into other sectors once scalability is proven.

Commercialize Sustainable Biofuels: With the goal of reducing global dependence on fossil fuels, the company is constructing a demo plant in Fredericia, Denmark, as a step towards commercialization.

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

• Kvasir Technologies raises €3M for sustainable Biofuel Development
• News | VÅR Ventures
• About | Kvasir Technologies

6 The Hiring and Company Growth

Team Growth and Development at Kvasir Technologies

Kvasir Technologies, a Danish company specializing in biofuel solutions, has experienced significant growth and development since receiving funding. The company is recognized for its innovative approach to redefining the energy economy by utilizing biomass.

Current Team Size and Headcount

As of early 2024, Kvasir Technologies has approximately 20 employees and is continuously expanding its team as operations scale up.

Hiring and Team Growth

Kvasir Technologies is actively growing its team to support its mission of developing sustainable energy alternatives. The company has recently hired various professionals, including a Demo Plant Manager, Senior Research Chemist, Senior Chemical Engineer, and Lead Process Engineer, among others. This growth indicates an increasing capacity to develop and scale biofuel production.

Recent Hires and Their Impact

Key recent hires include: - Christian Ejersbo Strebel as Head of R&D, enhancing the company's research capabilities.

• Asams Nelliparambil Jayan as Lead Process Engineer, contributing to process optimization.
• Jesper Gommesen as Demo Plant Manager, overseeing the critical demo plant operations in Fredericia, Denmark.

These new team members are crucial for scaling the company's biofuel solutions and advancing towards commercial production. They bring expertise that helps Kvasir Technologies stay at the forefront of renewable energy innovation.

Major Changes in Management or Founding Team

There have been no reported major changes in the founding team or management recently. The company is led by CEO and Co-founder Joachim Bachmann Nielsen, and COO and Co-founder Anders Bak Kristoffersen. The professional board of directors includes Lars Clausen as Chairman, providing strategic guidance.

Future Growth and Scaling

Kvasir Technologies is poised for significant growth with its Demo Plant in Fredericia, Denmark, marking a critical step towards establishing a commercial biofuel production facility. The company's focus on developing sustainable aviation fuels (SAF) and its partnerships with leading research institutions underscore its commitment to expanding its impact across multiple sectors. The latest investment of EUR 3 million further supports these ambitions, bringing the total funding to approximately EUR 11 million.

Hiring Status

Given the ongoing expansion and scaling efforts, Kvasir Technologies is likely hiring additional talent to support its growth plans. However, specific job openings are not detailed in the available information.

Growth and Scaling Achievements

Since receiving funding, Kvasir Technologies has achieved significant milestones, including being a finalist in the prestigious New Energy Challenge and securing substantial investments. These achievements demonstrate the company's rapid progress and its potential to become a leading player in sustainable energy solutions.

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Sources: - Kvasir Technologies Announced as Finalist in Prestigious New Energy Challenge

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

7 The Media Features and Publications

Kvasir Technologies IVS: Overview and Activities

Kvasir Technologies IVS, a Danish clean-tech company, has been making significant strides in the biofuel industry since receiving the EIC Accelerator funding in March 2022. Founded in 2018 as a spin-out from the Technical University of Denmark, the company specializes in converting non-edible biomass into carbon-neutral biofuels that can directly replace fossil fuels.

Media Features and Publications

While specific media features or publications mentioning "Kvasir Technologies IVS" by name are not readily available, Kvasir Technologies has been featured in various outlets for its innovative biofuel technology. The company's ability to convert lignocellulosic materials into high-quality bio-oil has garnered attention for its potential to decarbonize the maritime and aviation sectors.

Content from Publications

Publications highlight Kvasir's technology as a game-changer for the green transition. The company's proprietary process efficiently converts biomass into biofuels that are cost-competitive with fossil fuels, offering a scalable solution for decarbonizing hard-to-abate industries like shipping and aviation.

Podcasts and Interviews

There are no publicly available podcasts or interviews specifically mentioning "Kvasir Technologies IVS." However, the company's leadership has been quoted in various articles discussing the potential of biofuels and the importance of the company's technology for sustainable energy solutions.

Conference and Fair Visits

Kvasir Technologies has been involved in developing partnerships with leading research institutions and companies, such as the Bioeconomy Institute/Iowa State University and Alfa Laval. These collaborations are crucial for advancing biofuel production and scaling up the company's technology. While specific conference participations are not detailed, the company's involvement in such partnerships suggests active engagement in industry events.

Event Involvement

Kvasir Technologies has been recognized for its commitment to sustainable energy, particularly during the International Day of Clean Energy. The company's participation in initiatives like the EIC-backed SEAFARER project underscores its role in promoting clean energy solutions. Additionally, Kvasir has partnered with Aabenraa Havn to launch a pioneering biofuel facility, marking a significant step towards global leadership in sustainable energy.

Sources

• Kvasir Technologies
• Kvasir Technologies raises €3M for sustainable Biofuel Development
• Meet Kvasir Technologies, the EIC beneficiary set to decarbonise ...
• Kvasir Technologies Advances Toward Global Leadership as coming Green Oil Major with Pioneering Biofuel Facility