A.P. Moller-Maersk has invested in the US-based startup Prometheus Fuels, which develops cost-efficient, carbon-neutral eFuels for shipping. The startup uses Direct air capture technology. This step is taken in an effort to de-carbonize its marine operations.
As part of Maersk’s development of containerships powered by methanol, Maersk has invested in Prometheus Fuels. A team of researchers at Prometheus Fuels has developed a lab-based process for producing alcohol using renewable energy, ambient air, and water. To propel the vessels, the alcohol can be used as carbon neutral eFuel.
These are fuel technologies that are already feasible today, and include alcohols produced from renewable energy, such as green methanol. In addition to biodiesel, lignin-enhanced alcohol and ammonia, Maersk sees alcohols as one of several fuels in the future fuel mix.
“Prometheus Fuels is developing a very exciting and innovative technology to produce carbon-based electrofuels from direct air capture of CO2,” said Morten Bo Christiansen, head of decarbonisation at AP Moller–Maersk. “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.”
Synthetic alcohols and other electrofuels are expected to play a huge role in the decarbonisation of shipping because of their long-term scalability advantages over biobased fuels. It provides infinite availability due to its use of renewable energy and water, as well as ambient CO2 from direct air capture.
“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,” said Rob McGinnis, Founder and CEO of Prometheus Fuels. “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.”
Prometheus Fuels has already signed up American Airlines to purchase 10 million gallons of jet fuel. Maersk will join an investor group that includes BMW i Ventures and Metaplanet in valuing the startup at over $1 billion. Also, taking a seat on the board of the company is Peter Votkjaer Jorgensen, a partner at Maersk Growth.
“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,” said Peter Votkjaer Jorgensen, Venture Partner in Maersk Growth, the Corporate Venture arm of A.P. Moller – Maersk. “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.”
Eight methanol-powered ocean-going vessels will be delivered from Q1 2024 according to an order by Maersk in August. Maersk recently invested in WasteFuel, a startup producing green bio-methanol from waste.
