Maersk Growth, the corporate venture arm of A.P. Moller - Maersk, invests in Vertoro – a Dutch start-up focused on developing liquid lignin technology which can be used as a marine fuel.
Copenhagen, Denmark, and Geleen, Netherlands - 14 October 2021
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 A.P. Moller - Maersk’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.
Peter Votkjaer Jorgensen, Partner at Maersk Growth: "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.
Michael Boot, Co-founder & CEO at Vertoro: "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.
Image by A.P. Moller - Maersk Group.
These investment activities underline how Maersk Growth has added green fuels as an additional sub-investment theme under their overall umbrella of supply chain investments. Furthermore, these investments are part of the A.P. Moller - Maersk journey to become carbon neutral by 2050. Maersk recently announced a total of nine vessels capable of running on green methanol.
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 approximately 80,000 people.
About Maersk Growth
Maersk Growth is the venture arm of A. P. Moller – Maersk with the mission to digitise, democratise, and decarbonise supply chains by backing new business models and technologies. With the aim to unlock growth, we invest in and partner with promising start-ups and visionary innovators - and by injecting our very own rocket fuel we activate our portfolio companies’ full strategic potential.
Vertoro, founded in 2017 and based on the Brightlands Chemelot Campus (Geleen, Netherlands), produces Goldilocks® exclusively from sustainably sourced forestry and agricultural residues by means of a patented thermochemical process. Like fossil oil, Goldilocks® can be used as a platform for fuel, chemical and material applications. It is already sold into markets as diverse as antioxidants and marine fuel. Vertoro’s side stream is cellulose, which can be used to produce bio-based materials and chemicals, such as paper and ethanol, respectively.
A.P. Moller - Maersk Group, press release