€44 million to power Swedish company’s efforts in renewable maritime fuels

Gothenburg-based eFuel developer Liquid Wind has raised €44 million in a Series C funding round led by Uniper, HYCAP, and Samsung Ventures, marking one of Europe’s largest eFuel investments this year. The funds will accelerate the rollout of ten eFuel facilities by 2027, as part of Liquid Wind’s ambitious plan to establish 500 globally by 2050. Using proprietary Digital Twin technology, these facilities will convert biogenic CO2 and renewable electricity into eMethanol, a sustainable alternative to fossil fuels. The investment will bolster Liquid Wind’s efforts to decarbonize shipping and other hard-to-abate sectors, addressing global demand for low-carbon solutions and advancing international climate targets.

The global shipping sector is facing an urgent challenge: by 2050, all ship transport must be sustainable, and over 100,000 operational ships will need to transition to non-fossil fuel energy sources. Consequently, Liquid Wind is seeing strong demand from shipping companies and their clients for green shipping solutions to help decarbonise supply chains and meet essential targets.

The majority of global trade is transported by sea, accounting for 3 percent of global greenhouse gas emissions according to the UNCTAD1. This is driven by 98 percent of the world’s operational transport fleet running on conventional fossil fuels. The shipping industry must now decarbonise to meet the International Maritime Organization’s (IMO) 2050 net zero targets. Liquid Wind is developing the production facilities needed to meet the demand and replace carbon intensive maritime fossil fuels with low-carbon eFuel, facilitating the decarbonisation of global shipping.

Claes Fredriksson, CEO and Founder of Liquid Wind, commented: “Global shipping has realised the urgency of low-carbon eFuels as a commercial necessity to meet sustainability targets and new regulations. The demand for low-carbon maritime fuels is undeniable, and we are seeing major shipping companies launching eFuel-powered vessels. Our shareholders recognise this, and we are pleased to welcome Samsung Ventures as a new investor, alongside continued support from Uniper and HYCAP. This backing strengthens our capacity to accelerate production and advance our vision to reduce the world’s dependency on fossil fuel. The investment, the largest in our company history, reflects their confidence in Liquid Wind’s potential to scale eFuel production in the years to come.”

Jan Taschenberger, COO New Green Power and Gas of Uniper, says: “We believe that only through a partnership approach can the visionary projects needed for the energy transition be truly successful. Joint projects such as NorthStarH2, which aims to produce 100,000 tons of eMethanol for use in shipping and the chemical industry, can lead the way. Our ongoing partnership with Liquid Wind has proven to be very fruitful and we look forward to achieving further milestones together and actively shaping the future of the energy industry. This continued collaboration fits perfectly with Uniper’s commitment to achieve carbon neutrality by 2040.”

A spokesperson from Samsung Ventures said: “It’s exciting to find a company that has the potential to disrupt multiple industries and simultaneously make carbon-free energy a reality. Liquid Wind is moving forward quickly into a market that is well set for a combination of growth and revenue potential.”

James Munce, CEO of HYCAP, says: “We are pleased to strengthen our backing for Liquid Wind and its innovative eFuel facilities. Their standardised approach to scaling low-carbon fuel production is exactly what the maritime sector needs to meet its decarbonisation targets. Since our initial investment, Claes and the team have demonstrated a laser focus on delivering the underlying projects and accelerating energy transition in the maritime sector.”

Liquid Wind develops scalable eFuel facilities to convert biogenic CO2 and renewable electricity into eMethanol, a fossil-free alternative fuel. Liquid Wind’s standardised and modularised approach enables efficient replication of these facilities, addressing common barriers such as high costs and limited scalability in eFuel adoption. Central to the strategy is the use of the proprietary Digital Twin technology which allows the company to rapidly replicate, construct and implement eFuel production facilities with reduced cost and risk.

On an annual basis, each standardised Liquid Wind facility will produce up to 100,000 tons of eFuel while upcycling 150,000 tons of carbon dioxide, generating 94 percent lower emissions compared to fossil fuels on a ’Well-to-Wake’ basis (the entire process from fuel production to use).

In collaboration with leading decarbonisation companies Alfa Laval, Carbon Clean, Siemens Energy and Topsoe, Liquid Wind has established a joint eFuel Design and Performance Centre in Hørsholm, Denmark dedicated to innovating and accelerating the deployment of eFuel plants.

Additionally, Liquid Wind has partnered with Sundsvall Energi, Umeå Energi, NordFuel and Puhuri, to develop three projects in Sweden and in Finland. As part of these initiatives, and alongside the development of the company’s own eFuel facilities, Uniper has selected Liquid Wind to lead the development of the NorthStarH2 project in Östersund, Sweden. Each plant is projected to save approximately 200,000 tons of carbon dioxide annually, equivalent to the yearly emissions output of about 43,500 cars.

Morgan Stanley & Co. International plc acted as financial advisor to Liquid Wind on the capital raise.

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