Maersk Backs Vertoro
October 15, 2021
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.
Peter Votkjaer Jorgensen, Partner at Maersk Growth said, "Lignin fuels have a promising potential when it comes to decarbonising 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 production of green fuels. Furthermore, we believe that we can offer value beyond capital through the expertise and scale of the broader Maersk organisation."
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.
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