Malaysian tanker owner AET has joined a group of investors comprised of Shell, Trafigura and Saudi Aramco to support the Swiss climate tech startup Daphne Technology remove toxic and greenhouse gas emissions from marine fuels.
Daphne’s plug-and-play solution is said to break down the pollutants, such as nitrogen oxides, methane and carbon dioxide from the combustion gas of any fuel type, including oil, LNG, biofuels, ammonia, and hydrogen, converting them into non-hazardous by-products.
Captain Rajalingam Subramaniam, AET president and CEO, added: “As a believer in LNG as a longer-term solution in maritime decarbonisation, we have been looking for technologies to reduce the methane slip and improve the “tank to wake” decarbonisation environment. Therefore, aside from being an investor, we will also deploy and test the technology across our vessels which utilise LNG as a fuel source.”
The capital raise earmarks the second round of funding since Daphne Technology spun off from the Swiss Federal Technical Institute (EPFL) in 2018. Shell Ventures led the CHF10m ($10.9m) capital raise along with Trafigura, AET and all previous investors co-invested, including Saudi Aramco Energy Ventures and the Innovation Fund.