Maersk’s investment will be used to further develop and commercialize Vertoro’s patented liquid lignin technology, and it will enable Vertoro to build a demo plant, which will become operational in 2022. The output of this plant will be used to develop marine fuels in partnership with Maersk as well as other applications for the materials and chemicals markets.
The minority investment supports A.P. Moller – Maersk’s work to decarbonize marine operations. Maersk expects several fuel types to exist alongside each other in the future and has identified four potential fuel pathways to decarbonization: biodiesel, alcohols, ammonia, and lignin-enhanced alcohols. Lignin is a class of complex organic polymers that form key structural materials in the support tissues of most plants.
“Lignin fuels have a promising potential when it comes to decarbonizing shipping. We consider Vertoro to be a leading start-up in the sustainable biomass-to-liquids space and we are excited to invest in the company and become part of the efforts to effectively scale up the production of green fuels. Furthermore, we believe that we can offer value beyond capital through the expertise and scale of the broader Maersk organization,” said Peter Votkjaer Jorgensen, Partner at Maersk Growth.
Vertoro, founded in 2017, produces liquid lignin exclusively from sustainably sourced forestry and agricultural residues by means of a patented thermochemical process. Like fossil oil, liquid lignin can be used as a platform for fuel, chemical, and material applications.
“Our goal is to offer competitive, sustainable products to cost and environmentally conscious customers worldwide; a model inspired by no-frills disrupters in other industries that today are among the most profitable in their sector. This investment will bring us closer to reaching this goal in close cooperation with our committed team, our investors, and our partners,” said Michael Boot Co-founder & CEO at Vertor.
The investment in Vertoro is the third investment in the fuels of the future from Maersk Growth in less than two months. In September Maersk Growth invested in WasteFuel, a start-up focused on turning waste into sustainable aviation fuel, green bio-methanol, and renewable natural gas. Later followed the investment in Prometheus which is developing a direct air capture technology to enable cost-efficient, carbon neutral electro fuels.
These investment activities underline how Maersk Growth has added green fuels as an additional sub-investment theme under their overall umbrella of supply chain investments. Furthermore, these investments are part of the A.P. Moller – Maersk journey to become carbon neutral by 2050. Maersk recently announced a total of nine vessels capable of running on green methanol.
Source: MaerskTags: Green Lignin, Liquid Lignin, Maersk, Marine Fuels, Vertoro