ICDK Silicon Valley has been actively engaged in the climate agenda for several years and, in the fall of 2023, hosted its first Climate Tech Accelerator. The accelerator program was a tremendous success, fostering connections between the Californian ecosystem and several participating Danish startups.
A specific focus for ICDK Silicon Valley is on carbon and carbon management. During San Francisco Climate Week in April 2024, ICDK Silicon Valley hosted the successful 'Carbon Cocktails' event, which attracted more than 200 participants from leading companies and research institutions in California.
During the Climate Week, ICDK Silicon Valley welcomed back Kvasir Technologies, a Danish climate tech startup that participated in the Climate Tech Accelerator in 2023. Ready to explore next steps in the USA, the company returned as a speaker and panelist at the 'Carbon Cocktails' event. Furthermore, it explored the Silicon Valley climate ecosystem throughout the week, confirming the significant potential found in California, the American climate frontrunner state.
Impressive traction on Kvasir Technologies’ novel biofuel solution
When looking at crucial sectors for securing global infrastructure connectivity and trade such as the marine and aviation sectors, a vast fuel consumption and thereby carbon emissions are an inevitable part of that picture. It's the ambition of Kvasir Technologies to change that.
Utilizing its proprietary technology, Kvasir Technologies convert plant biomass into a direct substitute for fossil marine fuel. Ship engines are less delicate than the ones found in many other vehicles, and hence an ideal platform for the company to scale through while working towards implementing technology that will enable Kvasir Technologies to replace all fossil derived high value fuels and chemicals, for instance in delicate aviation engines.
Kvasir Technologies' biofuel solution has a unique potential and the highest production potential of today's biofuels. The potential is large enough to cover current marine fuel demand. With its solution and timing, Kvasir Technologies' biofuel is scalable to support the world's existing marine fleet and meet the International Marine Organization's goals of 40% CO2 emission reduction in 2030 and 50% in 2050.
In 2023, the company secured financing from both Mærsk Growth, Vår Ventures and the EIC Accelerator, which is part of the European Innovation Council and supports groundbreaking technology companies with unicorn potential. The surge in investments continued in 2024 where The Footprint Firm and the Export and Investment Fund of Denmark invested EUR 3 million in the company, totaling the investments inflow to a whopping EUR 11 million over 18 months.
Coming back to Silicon Valley, the company had initiated its Series A investment round, and sought to explore the opportunity for engaging with investors and network during the San Francisco Climate Week which gathers industry experts, investors, and companies.
“Approximately six months ago, we were here last time in Silicon Valley. Since then, a lot has happened. We’ve been developing like crazy, we’ve grown the team, we’ve professionalized the organization, onboarded a CFO, raised more funds. We’re just busy scaling the company,” explains CEO and Co-Founder of Kvasir Technologies, Joachim Bachmann Nielsen, while emphasizing the many areas that go into scaling a business for international growth.
ICDK brings Kvasir Technologies to the international stage at San Francisco Climate Week 2024
During the San Francisco Climate Week 2024, Innovation Centre Denmark hosted the event 'Carbon Cocktails', featuring prominent speakers from both Denmark and the U.S. within the field of carbon and emission reduction. The event brought together more than 200 climate professionals and enthusiasts, representing both organizations, science and research, and the venture capital sector of Silicon Valley.
Showcasing a great example of Danish climate innovation and bringing a Danish perspective to the panel discussion, ICDK Silicon Valley were happy to welcome Kvasir Technologies to the stage at 'Carbon Cocktails'.
During keynote presentations, CEO and Co-Founder Joachim Bachmann Nielsen had a chance to present Kvasir Technologies and the company's innovative biofuel solution developed through a novel technology. Inspiring the audience with not only the current potential of the technology, but also highlighting future development paths and possibilities, Joachim Bachmann Nielsen captured the attention of the audience and showcased Danish innovative power.
Moreover, ICDK Silicon Valley's 'Carbon Cocktails' event provided a space for Kvasir Technologies to direct attention to the next phase of the company's plans to scale and internationalize:
“In Kvasir Technologies, we’re scaling our proprietary, unique biofuel technology for the maritime sector. Right now, we’re progressing through a phase to build a demonstration plant, and after that we’re ready to build the FOAK – First Of A Kind commercial plant so that ships can start sailing on our biofuel,” shared Joachim Bachmann Nielsen.
Continued relations drive results
Since Kvasir Technologies first visited Silicon Valley in the fall of 2023, the company has maintained contact with ICDK Silicon Valley for ongoing sparring and input.
Keeping in touch allows ICDK Silicon Valley to involve startups in future activities, ensuring that our advisors keep Kvasir Technologies on their radar as we navigate the Silicon Valley ecosystem daily.
This collaboration serves as a way to unlock the complexities of Silicon Valley, building connections with key stakeholders in the climate sector and gaining critical exposure to the network of ICDK Silicon Valley.
“Working with Innovation Centre Denmark in Silicon Valley has been a great introduction to the ecosystem of investors around the Bay Area and has helped us open a lot of doors,” explains Anders Kristoffersen, COO and Co-Founder of Kvasir Technologies.
Working with Innovation Centre Denmark in Silicon Valley has been a great introduction to the ecosystem of investors around the Bay Area and has helped us open a lot of doors.
Kvasir Technologies at the San Francisco Climate Week 2024
Watch Interview With Kvasir Technologies
about Kvasir Technologies
Kvasir™ was built on a vision that it is possible to eliminate carbon emissions from heavy transportation, by harnessing natural and abundant sources of biomass that do not compete with food. Fossil fuels must be phased out over the coming decades, as the effect on our climate is becoming more obvious. The UN 2050 climate goals stipulate that the use of fossil fuel should peak in 2020 and that fossil fuels must be phased out completely by 2050. This transition is well underway in some areas, while other sectors are struggling to find alternatives that are viable from a technical, environmental as well as economic perspective. Shipping is one of the most challenged sectors, heavily relying on liquid fuels as large ships must be able to remain at sea for weeks when crossing the oceans. Several solutions have been proposed, but none of them are economical or available in the scale needed for the shipping industry. Kvasir™ utilizes an efficient proprietary technology replicating the natural process of turning biomass into oil. A process that takes nature millions of years, is for Kvasir™ possible to do in minutes.kvasirtechnologies.com
Climate Tech is a booming area, and we’re ready to help on your scaling journey
Again in 2024, ICDK Silicon Valley will host a Climate Tech Accelerator, providing an opportunity for Danish climate tech startups to explore Silicon Valley and learn how to navigate its unique ecosystem of tech companies, industry experts, and investors. Participation offers the chance to build a network, gain a wealth of inspiration, and engage with investors – all crucial aspects of the impressive growth journey of Kvasir Technologies.
Our advisors and experts are ready to provide more information about how to collaborate with ICDK in Silicon Valley, and how to join the Climate Tech Accelerator 2024 to explore the world’s tech hub and the leading climate state of the U.S.