Maersk Makes Third Start-up Investment in Potential Future Fuel

PUBLISHED OCT 14, 2021 6:21 PM BY THE MARITIME EXECUTIVE

For the third time in just two months, A.P. Moller – Maersk, the parent company of the shipping giant, has invested in a developmental company working on alternative fuels as part of the company’s efforts to become a leader in the decarbonize the shipping industry. These investments, made through Maersk Growth, the corporate venture segment of the company, highlight the addition of the green fuels category as an additional sub-investment theme under the company’s overall umbrella of supply chain investments.

Maersk expects several fuel types to exist alongside each other in the future and at this stage is seeking investments in multiple paths to achieve the future fuel transition. The company reports it has identified four potential fuel pathways to decarbonization, focusing on biodiesel, alcohols, ammonia, and lignin-enhanced alcohols.

The newest investment is in a Dutch start-up company Vertoro, which is focused on developing liquid lignin technology that can be used as a marine fuel. Maersk Growth is making a minority investment that will be used to further develop and commercialize Vertoro’s patented liquid lignin technology.

“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 production of green fuels,” said Peter Votkjaer Jorgensen, a partner at Maersk Growth. “Furthermore, we believe that we can offer value beyond capital through the expertise and scale of the broader Maersk organization.”

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