Summer is upon us at our HQ in Denmark, making it a natural time to reflect on our progress so far this year. Read on for highlights from the first half of 2024.

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January: Full production capacity

We kicked off the year with a major operational milestone. All our production lines in Karnataka, India ran simultaneously for the first time.

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February: Strategic expansion and financial strength

February marked a period of strategic growth and financial strengthening. We secured a new EUR 2 million loan from Nefco, adding to the funding received last summer from DS NORDEN.

In India, our production facility in Karnataka operated at 125% of its design capacity, showing that it is capable of operating beyond our original estimates.

We also became a founding member of the Green Fuels Alliance India. We look forward to working within other Danish and Indian alliance partners to facilitate the growth of sustainable energy in India.

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March: Technological advancements and pilot projects

March was a month of technological breakthroughs and pilot initiatives. We were featured on the Carbon Removal Show, highlighting our contributions to carbon removal technologies.

Our engineering team achieved a successful engine test on land and a single cylinder engine test with FVTR, marking significant advancements in our technological capabilities. Additionally, we commenced a pilot scale oil upgradation project for commercial engine operations.

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April: Recognition and carbon removal achievements

In April, we garnered significant recognition by being featured in the XPRIZE Carbon Removals Top 100 Team Book. This honour reflects our ongoing commitment to impactful carbon removal solutions. We also reached a critical milestone, with 1,000 tonnes of CO2 removed/carbon credits sold, underscoring the tangible impact of our initiatives.

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May: Awards and biochar milestones

May brought further accolades and achievements. We were named a Top 20 finalist for the XPRIZE Carbon Removals, an acknowledgment of our innovative approach and dedication to carbon reduction.

Our biochar production also reached a significant benchmark, with 1,000 tonnes of biochar delivered to date, supporting sustainable agriculture and construction practices.

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June: Research and production enhancements

In June, we released some key research concerning our biochar, which  proves that it effectively reduces bulk density and enhances water holding capacity.

We also significantly enhanced our production facilities in Karnataka by implementing a series of long-awaited initiatives and restructuring our staffing operations. Our efforts culminated in late June, when all four machines at our production site ran simultaneously, with a record duration run in the following period.

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What’s next?

We’re breaking ground and setting sail in the second half of 2024, with ambitious plans.

We are looking forward to the groundbreaking of SPV02, our second production facility in India. This new site will enhance our production capacity, allowing us to meet the growing demand for sustainable biofuels and biochar.

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Our bio-oil produced at SPV01 is also in the process of becoming ISCC certified. Simultaneously, we will conduct trials on a NORDEN vessel departing from Singapore. This trial marks a significant move towards proving the efficacy and practicality of our bio oil for the shipping industry. Successful trials will demonstrate our product’s potential to revolutionise maritime fuel, offering a sustainable alternative that reduces carbon emissions and supports global environmental goals.

We will also welcome the XPRIZE Carbon Removal team to India next fall for a site visit at our production facilities.

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Stay updated on our latest news and achievements by visiting our blog.

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