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 fuels for shipping.
Copenhagen– The minority investment in Prometheus Fuels will support A.P. Moller – Maersk’s work to execute the strategy to decarbonize 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.
Our zero net carbon, zero sulphur electrofuel doesn’t compete with food production – it comes from renewable electricity and air so its feedstock is limitless. Our electrofuel offers a truly viable 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.
Decarbonization 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 organization. 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.
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.