Maersk invests in climate tech start-up C1
Berlin-based start-up has found a way to mass-produce green methanol at a competitive price
Climate tech start-up C1 has raised growth capital from Maersk Growth, the venture capital Arm of Danish carrier Maersk to scale their catalysis, which will enable the mass production of green methanol without the usual premium paid for sustainably produced methanol.
"Besides the ability to function as a carbon-based feedstock for various chemical products, green methanol is the most tangible low-carbon fuel alternative to oil for container vessels today," says a release from C1.
Christian Vollmann, founder, C1 says: “We are proud to have partnered with the global pioneer in green shipping in an industry where many fear a first-mover disadvantage. The 19 methanol-enabled container ships they have ordered already are a strong advanced buying signal into the market. We look forward to joining forces with Maersk to make low climate impact shipping a reality." Vollman founded C1 with Marek Checinski, Ralph Krähnert and Christoph Zehe, the release added.
Maria Strandesen, Head of Future Fuels Innovation, Maersk adds: “With current technology, powering our vessels with green methanol will be much more expensive. We believe in C1’s ultra-efficient catalysis to bring down the price – and scale fast with their decentralised approach."
Peter Votkjaer Jorgensen, Partner, Maersk Growth says: “Green methanol is the most promising way to drastically cut emissions from long-distance shipping at scale in the short term, and we see much traction in that space. We are really excited about C1’s cutting-edge scientific approach, reinventing every production step. Such a level of innovation and attention to detail is key to success, and we believe that their technology can play an important role in decarbonising hard-to-abate industries, including shipping."
Starting with quantum-chemical simulations, C1 has invented ultra-efficient catalysis for green methanol to be produced from waste biomass or CO2 and H2, which will enable green methanol to become cost competitive, the release added.