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. For further information see the IDTechEx report on Sustainable Alternative Fuels 2021-2031.
"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." said Morten Bo Christiansen Head of Decarbonisation, A.P. Moller - Maersk.
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.
"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." said Rob McGinnis Founder and CEO of Prometheus Fuels.
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.
"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." said Peter Votkjaer Jorgensen Venture Partner in Maersk Growth.
In August last year Maersk ordered 8 Green Methanol-fuelled ocean-going vessels to be delivered from Q1 2024. Maersk invested in WasteFuel, a California-based startup producing green bio-methanol from waste.
Source and top image: Maersk