Fueling the Future: Riding the Tides of Innovation and Sustainability
This is Gateway to Growth
Since we spoke last time, the leaves have turned brown while we’ve been busy engaging with the ecosystem, learning from the leading industry expert and onboarding new teams to our portfolio. We proudly welcomed Altris to our portfolio and celebrated Dexory’s impressive $80 million funding round, boosting supply chain efficiency. We hosted the PortFest, which was a hive of energy, connecting founders and partners worldwide, and we returned from NY Climate Week with crucial insights on scaling technologies, carbon removal, and resilient infrastructure - essential themes for our future.
Welcome to Gateway to Growth!
Portfolio News
Let’s dive right into it with a list of updates from the Maersk Growth portfolio by Aarzoo Sharma, Senior Investment Associate at Maersk Growth
New Energy to the Maersk Growth Portfolio - Welcome, Altris AB!
Swedish based sodium-ion battery developer Altris has successfully raised a Series B1 funding round, introducing Clarios and us, Maersk Growth, as new investors and we are thrilled to be on board!
The company have been on a rapid growth journey since its foundation in 2017, developing its patented cathode material, Altris Prussian White, as well as electrolytes, battery cells, and production blueprints for market-leading sodium-ion batteries.
“We are very excited about collaborating with Altris, as Maersk continues working towards reaching net zero GHG emissions for our entire business in 2040. From the get-go, our team have been impressed with Altris’ technology, which offers superior energy density with a lower emissions profile and safety credentials that lend itself very well to a wide range of potential applications.” Says Ole Graa Jakobsen, Head of Fleet Technology at A. P. Moller – Maersk.
Read more about the investment here: https://lnkd.in/df9BGrBq
Dexory Securing Double Digits! 👏👏👏
We’re thrilled to announce that Dexory, one of the standout companies in the Maersk Growth portfolio, just secured an $80 million Series B funding round! 🎉
This incredible milestone will fuel Dexory’s continued expansion across AI-powered solutions and autonomous robotics. With customers like GXO, DB Schenker, and Maersk, Dexory is transforming warehouse operations and delivering unmatched efficiency to supply chains worldwide🌍
Huges kudos to Oana, Andrei, Adrian and the entire Dexory team for their amazing work - what a journey it's been!
Read more about the round here: https://lnkd.in/e3gcPbZk
Aircela: Turning Carbon into Methanol
While carbon credits have been the primary financial driver behind many carbon dioxide removal (CDR) projects, the future of carbon capture may lie beyond just offsets. Technologies like CO₂ mineralization and conversion to fuels are creating exciting pathways to generate valuable products from captured carbon, opening up entirely new revenue streams. However, for these carbon utilization pathways to thrive, they’ll need to compete with traditional, fossil-based products—and there’s still uncertainty about whether the market is ready to pay a premium for these low-carbon alternatives.
During our recent visit to New York, my colleague Ida and I visited Aircela, one of our portfolio companies, to see firsthand how carbon capture is shaping new business models.
On Aircela’s Manhatten rooftop, CEO and co-founder Eric Dahlgren, alongside CTO Kristian Tuszynski, and Jonny Lowndes, demonstrated their innovative technology. Using direct air capture (DAC) to remove CO₂ from the air, this technology then transforms the captured CO₂ into green fuels—including methanol. The team completed a full integration test, successfully producing methanol and reducing atmospheric CO₂ levels.
Aircela is rapidly advancing toward large-scale production. The current system not only captures CO₂ but also transforms it into market-ready green fuels. The team aims to scale up and achieve full integration by February. By 2026, Aircela plans to deploy 100 units, each producing green fuels for industries pursuing decarbonization. Their work represents a key shift in carbon utilization—turning carbon CO₂ into viable fuels, marking a crucial step in global carbonization efforts.
Aircela’s work is part of a larger shift toward carbon utilization—transforming captured carbon into commercial products. While carbon credits continue to be an essential financial tool, the ability to create fuels, building materials, and plastics from CO₂ offers an additional revenue stream that can help decarbonize industries.
PortFest 2024
In September, we had the pleasure of hosting this year’s PortFest in Copenhagen, gathering our portfolio, local ecosystem and colleagues. During the three busy days, we were joined by 20+ founders from across the globe, hosted a whirlwind of 75+ 1:1 meetings in a single day, and fueled the energy with ice cream at rocket speed during our Innovation Expo at Maersk🍦We engaged with the local startup ecosystem at TechBBQ, and had the pleasure of welcoming 100 of the most influential ecosystem experts to our cocktail mixer hosted with Regeneration.VC and HHLA Next.
So, as you can tell, PortFest 2024 was many things. More specifically …
💡 A platform for bright minds to share ideas
🤝 A space for fostering new connections
🍧 A chance to enjoy Innovation Insights & Ice Cream
🍸 An evening of mingling at Cocktail Cosmos
📢 An opportunity for impactful conversations
Above all, the event allowed us to proudly showcase our portfolio founders to the network we work with every day, from colleagues at A.P. Moller - Maersk to the startup ecosystem at TechBBQ. With high expectations set, this year’s PortFest exceeded every one of them, thanks to the genuine curiosity and collaborative spirit of our founders, colleagues, and network💙
Run, But Don’t Drop!
A favourite event of ours is The Drop in Malmö. The intimacy, drive, passion and common goal amongst all participants are truly unique, and this year was no different!
For the second year in a row, The Drop proved to have an outstanding crowd with the energy to join a social run in the early morning hours after the afterparty. More than 250 eager runners were signed up – a major kudos to all who showed up, and thanks a ton to our brilliant partners Astanor, M1C and Domino Studios.
See you again next year?
Or Maybe Next Month at Runway to Growth? 🏃♂️🏃➡️
We got hooked on running, and like every Copenhagen-based brand, we have now launched our own running club! Join Runway to Growth to meet and mingle with the local Copenhagen ecosystem during a social and chilled 5K run. We’ll cool down with a chilled beer and chat after each run.
Sign-up for the next run on November 28th here
Maersk Growth Insights from New York Climate Week
Wow - what an exciting, action-packed autumn it's been. Let's clear the air and dive into some key takeaways from the much-anticipated New York Climate Week!
At The NYC Climate Week 2024, the energy was electric as leaders gathered under the theme "It’s Time." A mix of corporations, startups, investors, thought leaders, and policy-makers kicked into high gear for a green wave of meetings, events, networking, and collaboration. NYC Climate Week showcased the urgent need for scalable climate solutions across sectors. A few key Impressions:
1. Scaling Technologies Requires Both Innovation and Infrastructure Adaptation
A common theme was the need to scale clean energy technologies by adapting existing infrastructure. From grid capacity expansion to utilising uneconomic assets like oil wells for geothermal energy, leveraging what's already in place can reduce costs and speed up the transition. Investors are particularly keen on projects that repurpose infrastructure, making it easier to finance and scale. Among infrastructure investors there’s a clear preference for using existing infrastructure to deploy new energy solutions. For example, Fervo Energy is using uneconomic oil infrastructure to tap geothermal energy.
2. Collaboration Between Public and Private Sectors is Essential
Many speakers highlighted the importance of a public-private partnership approach. Whether it’s the US Department of Energy - DOE’s financing programs, tax credits from the Inflation Reduction Act (IRA), or government-backed demand generation for hydrogen, the message was clear: government needs to catalyze private sector leadership. A transition with a 1:10 capital injection ratio (government to private) was a notable target. We love these insightful reports from DOE, which are a useful tool to visualise the potential pathway & associated timeline for the commercialization of nascent yet essential technologies.
3. Adoption Readiness Level Assessments to Complement Technology Readiness
We also appreciated the DOE's work to support early-stage companies to build commercialization frameworks, emphasizing the Adoption Readiness Level (ARL) framework. The ARL framework which can be found here was developed to address 17 risk dimensions beyond technology, such as unit economics and regulatory concerns, and is helpful in ensuring that the public and private sectors are aligned on the path to commercialization.
4. Carbon Removal and Alternative Fuels Need Early, Coordinated Action
Both carbon removal and alternative fuels (e.g., methanol) require early investment and planning. Frontier’s pre-purchase model for carbon removals and Maersk’s work on methanol as a future fuel serve as case studies for industries needing to lock in offtake agreements early, ensuring demand and scalability before 2050. This mirrors the long-term planning required for clean fuels like methanol, paralleling the need for preemptive carbon markets.
Spotlight: Carbon Removal Takes Center Stage at NYC Climate Week 2024
Let’s zoom in on some key insights about carbon removal—a topic that’s gaining momentum in conversations with investors, founders, and at recent events. At NYC Climate Week, we especially noticed that the focus on carbon removal (CDR) intensified as industry leaders and policymakers examined the swift expansion of this sector. Key discussions highlighted how early corporate investments are driving the growth of durable carbon removal technologies and the importance of strategic partnerships in scaling these efforts.
Scaling Through Pre-Purchase Pathways
The pre-purchase and off-take models used by Frontier offer a blueprint for accelerating carbon removal technologies, allowing early-stage companies to secure financing and ramp up operations. Vaulted Deep, for instance, is pioneering slurry injection technology with two commercial sites in Kansas and California. Their partnership with Frontier—a corporate-backed initiative to accelerate the carbon removal market by pre-purchasing permanent removal at high prices founded by Stripe, Shopify, Google, Meta, and McKinsey —showcases how these early investments create ripples across the industry. Frontier’s pre-purchase and off-take agreements with Vaulted Deep have played a pivotal role in helping the company scale, turning waste management solutions into a carbon removal powerhouse.
These agreements are becoming essential in creating a pipeline of high-potential CDR startups. For companies like Vaulted, the ability to leverage these deals has been instrumental in their shift from experimental technology to a commercial-scale solution.
At the same time, the industry is grappling with challenges. High costs, lack of proven technologies, and difficulty scaling are common hurdles. Julia Reichelstein of Vaulted Deep and Chante Harris of Eunoia Group emphasized that early partnerships and strategic investments are crucial in overcoming these barriers. Their collaboration with Frontier highlights the importance of aligning technology deployment with corporate buyers' sustainability goals to unlock growth.
Looking Ahead: Challenges and Regulatory Drivers
As the carbon removal market grows, regulatory frameworks like CSRD and SEC requirements are expected to influence corporate behavior significantly. Companies will need to balance financial goals with the ethical responsibility of decarbonization. Investments in CDR technologies must align with strategic missions to maintain public trust and avoid negative perception.
Corporate Engagement: Increasing the number of corporate buyers is key to scaling the CDR market. Companies should explore how Frontier's model of pre-purchase agreements can be replicated to build demand for new technologies.
Investment in Innovation: Direct investments in carbon removal startups can drive faster commercialization, rather than simply purchasing credits.
Due Diligence: Ensuring high standards for evaluating CDR projects is crucial to building a trustworthy, long-term market.
Beyond Carbon Credits: Unlocking New Revenue Streams for Carbon Removal
While carbon credits have been the primary financial driver behind many carbon dioxide removal (CDR) projects, the future of carbon capture may lie beyond just offsets. Technologies like CO₂ mineralization and conversion to fuels are creating exciting pathways to generate valuable products from captured carbon, opening up entirely new revenue streams. However, for these carbon utilisation pathways to thrive, they’ll need to compete with traditional, fossil-based products—and there’s still uncertainty about whether the market is ready to pay a premium for these low-carbon alternatives.
Market Movers and Shakers
The carbon removal space is evolving quickly, with innovators pushing boundaries to create scalable, impactful solutions. From recycling construction waste to capturing CO₂ directly from oceans and rivers, these companies are exploring diverse approaches to carbon capture, utilization, and storage (CCUS).
A couple of carbon removal companies that caught our eyes:
🌊 CarbonRun
Enhances rivers' carbon capture, sending CO2 to the ocean for permanent storage.
💧Crew Carbon
Combines wastewater treatment with carbon sequestration via natural weathering.
🌲 Treeconomy
Uses AI and remote sensing to link nature restoration with carbon credits for transparent, investable reforestation.
🌱Graphyte
Sequesters carbon from biomass waste underground, offering low-cost, long-term removal without high energy use.
🌐Brineworks
Ocean-based CO2 capture from seawater for large-scale, eco-friendly emission solutions.
🌬️Mission Zero
Direct air capture for affordable, scalable carbon removal with clean, low-energy tech.
🫁Ucaneo
Inspired by human lungs, dissolves CO2 pollutants efficiently, offering scalable, low-energy carbon removal for industries.
Where the Money Went // Climate and Supply Chain Tech
Follow the money trail through the supply chain and climate tech funding as we post our Friday Brief on the Maersk Growth LinkedIn every Friday, or browse our list here!
⚡ Terralayr scores €77M to scale grid storage
Berlin-based Terralayr raised €77M to expand its battery storage network, eyeing future U.S. opportunities. Read more
🔋 Adden Energy lands $15M for EV battery tech
Adden Energy’s $15M round will fund its self-healing batteries, aiming to double EV range. Read more
🧪 Dunia.ai raises €10.6M for clean energy catalysts
Berlin-based Dunia.ai raised funds to fast-track AI discovery of clean energy catalysts. Read more
📊 Autone nets $17M for retail forecasting tools
Paris-based Autone raised $17M to expand its demand forecasting tech for retailers. Read more
🚚 BackOps.ai secures $2M to automate logistics
San Francisco’s BackOps.ai closed $2M to bring AI into supply chain workflows. Read more
🌬️ Octavia Carbon raises $3.9M for DAC tech
Kenya’s Octavia Carbon raised $3.9M to scale carbon capture tech, aiming for 1,500 tons/year. Read more
🚛 Pallet lands $18M to streamline logistics software
Pallet raised $18M to expand its integrated logistics management platform. Read more
🔋 Voltfang secures €8.8M for EV battery reuse
Voltfang raised €8.8M to expand green energy storage using repurposed EV batteries. Read more
🌊 Lithios gets $10M for sustainable lithium extraction
Lithios raised $10M to scale eco-friendly lithium extraction tech. Read more
🍲 Foodforecast bags €3M to cut food waste with AI
Foodforecast raised €3M to expand its food waste-reducing platform across Europe. Read more
🚛 Bot Auto drives $20M for autonomous trucking
Bot Auto raised $20M to scale autonomous trucking for logistics. Read more
📦 Senvo secures €2.5M for logistics cost management
Berlin’s Senvo raised €2.5M to expand its shipping cost and audit platform. Read more
⚗️ Utility Global raises $53M for clean hydrogen
Utility Global raised $53M to commercialize its electricity-free hydrogen production tech. Read more
Exiting content, we’ve consumed 👉
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Are you a startup working to solve the challenge of how to decarbonise logistics, or a supply chain tech startup looking to get in touch regarding a potential PoC collaboration with Maersk? Contact us via growth@maersk.com!