Maersk invests in Prometheus Fuels to utilise electrofuels in shipping

Maersk / Prometheus Fuels

A.P. Moller-Maersk (Maersk) has invested in Silicon Valley-based start-up company Prometheus Fuels, hoping to use its direct air capture-technology which produces cost-efficient and carbon neutral eFuels in the shipping industry.

With eFuels being produced from renewable energy, water and ambient CO2 from direct air capture, the investment is set to support Maersk’s work in decarbonising marine operations.

“Prometheus Fuels is developing a very exciting and innovative technology to produce carbon based electrofuels from direct air capture of CO2,” reveals Morten Bo Christiansen, Head of Decarbonisation at A.P. Moller- Maersk.

“Electrofuels are expected to play a key role for the decarbonisation of shipping and, if scaled successfully, Prometheus Fuels’ technology will address a key constraint for carbon based electrofuels – namely the cost competitiveness of direct air capture.”

Rob McGinnis, Founder and CEO of Prometheus Fuels, added “Our zero net carbon, zero sulphur electrofuels doesn’t compete with food production – it comes from renewable electricity and air, so its feedstock is limitless. Our electrofuel offers a truly visible solution to decarbonise shipping – one that can scale and be implemented in time to avoid catastrophic global warming.

“We’re excited to partner with Maersk, a global leader in decarbonisation in the transportation and shipping industries, to accelerate this transition.”

As part of the investment, Peter Votkjaer Jorgensen, Venture Partner in Maersk Growth, is to join the Board of Prometheus Fuels.

“Decarbonisation is a strategic imperative of Maersk, so investing in this space is a natural focus point for Maersk Growth and one where we can offer value beyond capital through the expertise and scale of the Maersk organisation,” said Jorgensen.

“Prometheus’ technology has disruptive potential for the green fuel market, and we look forward to contributing as well as learning from this partnership in the years to come.”

This is not the only start-up company Maersk has backed, as they recently invested in California-based WasteFuel which specialises in green bio-methanol, and renewable natural gas. Reported in September 2021, Christiansen joined WasteFuel’s board as part of the investment.

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