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MAERSK INVESTS IN GREEN LIGNIN MARINE FUEL DEVELOPMENT

MAERSK INVESTS IN GREEN LIGNIN MARINE FUEL DEVELOPMENT

Thursday, October 14, 2021 

Maersk Growth, the corporate venture arm of AP Moller-Maersk, is investing in Vertoro, a Dutch start-up focused on developing liquid lignin technology which can be used as a marine fuel.

Maersk’s investment will be used to further develop and commercialise 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 the group’s work to decarbonise marine operations. Maersk expects several fuel types to exist alongside each other in the future and has identified four potential fuel pathways to decarbonisation: biodiesel, alcohols, ammonia, and lignin-enhanced alcohols. Lignin is a class of complex organic polymers which form key structural materials in the support tissues of most plants.

According to Maersk, lignin fuels have a promising potential when it comes to decarbonising shipping.

Peter Votkjaer Jorgensen, Partner, Maersk Growth, said: "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."

Michael Boot, Co-founder and CEO, Vertoro, said: "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."

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 its overall umbrella of supply chain investments. Furthermore, these investments are said to be part of the AP Moller-Maersk journey to become carbon neutral by 2050. Maersk recently announced a total of nine vessels capable of running on green methanol.

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