A.P. Moller – Maersk has made a leading venture investment in Prometheus Fuels, a Silicon Valley-based startup with a direct air capture technology to enable carbon neutral e-fuels for shipping.
Maersk joins a team of investors which includes BMW and Metaplanet. Peter Votkjaer Jorgensen, partner at Maersk Growth, will join the board of Prometheus Fuels.
Maersk expects several fuels to exist alongside in the future fuel mix and has identified four potential fuel pathways to decarbonisation; biodiesel, alcohols, lignin-enhanced alcohols, and ammonia.
The minority investment supports its efforts with e-fuels which include alcohols produced from renewable energy. Along with biodiesel, alcohols, including green methanol, are feasible fuel technologies today.
Morten Bo Christiansen, head of decarbonisation at A.P. Moller – Maersk, said: “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.”