Maersk Growth has made a leading venture investment in Prometheus Fuels, a Silicon Valley-based startup with a promising direct air capture-technology to enable cost efficient, carbon neutral eFuels for shipping, according to the company's release.
The minority investment in Prometheus Fuels will support A.P. Moller - Maersk’s work to execute on the strategy to decarbonise marine operations.
Maersk expects several fuels to exist alongside in the future fuel mix and has identified 4 potential fuel pathways to decarbonization; biodiesel, alcohols, lignin-enhanced alcohols and ammonia.
The investment supports Maersk’s efforts with electrofuels which include alcohols produced from renewable energy. Along with biodiesel, alcohols including green methanol are feasible fuel technologies already today.
Prometheus Fuels is developing a very exciting and innovative technology to produce carbon based electrofuels from direct air capture of CO2. 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.
Maersk expects synthetic alcohols and other electrofuels to play a big role in the decarbonisation of shipping, due to its long-term scalability advantages compared to biobased fuels. Produced from renewable energy and water and ambient CO2 from direct air capture, it has the potential to offer infinite availability regardless of geographic scope.
Maersk joins a team of investors which includes BMW i Ventures and Metaplanet. Peter Votkjaer Jorgensen, Partner at Maersk Growth, will join the Board of Prometheus Fuels.
In August Maersk ordered 8 Green Methanol fueled ocean-going vessels to be delivered from Q1 2024. Earlier this month Maersk invested in WasteFuel, a California-based startup producing green bio-methanol from waste.
About A.P. Moller - Maersk
A.P. Moller - Maersk is an integrated container logistics company working to connect and simplify its customers’ supply chains. As the global leader in shipping services, the company operates in 130 countries and employs around 80,000 people.