The global shipping industry is responsible for 1 billion tons of CO2 emissions each year and there is no viable alternative to liquid fuels. Large multinational corporations and customers demand cleaner freight of goods and legislation is tightening.
Kvasir's biofuel is a 1:1 replacement of conventional fossil fuels. The solution does not require changes on board, and it can even use the same supply infrastructure. By using biofuel the shipowners can ensure an immediate CO2 reduction.
Kvasir is currently building a demonstration scale production facility, and the Danish shipping company Norden is assisting in the development of their technology. Kvasir’s revenue will be generated from licensing the technology to oil companies producing biofuel, allowing for a quick roll-out while keeping Kvasir assets light.
KEY CUSTOMERS AND INTERNATIONAL PRESENCE
Key collaborators include a refinery, engineering and specialty equipment suppliers and large shipping companies. Kvasir has a subsidiary in California and is working with Iowa State University on the technology.
One of the founders of Kvasir Technologies is the inventor of the core technology, whilst the other founder has spent 15+ years working in shipping and oil trading companies. Their board of directors include former CEO of Shell in Denmark and the Director of clean fuels from oil and gas technology giant Topsoe.
Unique selling point
Kvasir provides a biofuel solution that requires no technical changes on board. The ship can seamlessly switch between biofuel and conventional fuel depending on the availability in the port. In addition, no investment is needed up front from the end user which will ease adoption significantly.
For the refineries, the production process is simple, and does not require expensive catalysts or exotic chemicals..
One of the founders has worked internationally in South East Asia. Furthermore, the CEO of the American subsidiary has been responsible for operations in asian markets in other biofuel companies previously in his career. Kvasir Technologies are looking for distribution partners, funding and new ideas across the East Asian region.
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