In 2023, ICDK Silicon Valley held its first Climate Tech Accelerator, where Danish climate tech startups were presented with a week-long program filled with tailored sparring from ICDK. Here, they also had the opportunity to establish connections with investors and potential business partners in California, which is the leading climate state in the USA.
One of the participants in the accelerator was Kvasir Technologies, a company dedicated to the development of sustainable bio-fuel. This fuel can be used with the existing engines on board vehicles such as cars, trucks, ships, and airplanes. The trip to Silicon Valley became a crucial milestone for Kvasir Technologies in their pursuit of international expansion.
Change the fuel, not the engine
This is Kvasir Technologies' slogan, which elegantly frames the entire business idea of the company. Using groundbreaking technology, the company can easily and sustainably convert non-edible biomass waste into bio-fuel that works in the engines driving millions of vehicles and units such as generators and emergency power systems.
The world's oceans are filled with container ships up to 400 meters in length, and when we look up at the sky, we are often met by kilometers-long contrails from the thousands of airplanes constantly above us. Making the world's fleet of trucks, ships, and airplanes sustainable is a monumental task that requires us to think in different terms than just electrification. With Kvasir Technologies' bio-fuel, these vehicles can switch to sustainable fuel without the need for further changes or replacements.
Before Kvasir Technologies participated in ICDK's Climate Tech Accelerator in Silicon Valley, the 5-year-old company had already gained a solid foothold in Denmark and Europe. The company secured financing from the EIC Accelerator in the summer of 2023, which is part of the European Innovation Council and supports groundbreaking technology companies with unicorn potential.
In Silicon Valley, the company's goal was therefore to expand its network and acquire knowledge and competencies to scale in the international environment found in the world's tech hub. Through a tailored program for climate tech startups, Kvasir Technologies got the best conditions to learn as much as possible and expand its network in California.
"During our week in Silicon Valley, we were introduced to incredibly many exciting people. We are still in contact with some of them, and the new network forms the foundation for us to establish the company with a subsidiary in the USA in 2024," says Co-Founder and COO of Kvasir Technologies, Anders Kristoffersen, about the experience the company had the opportunity to enjoy during the Climate Tech Accelerator program.
ICDK UNITES ALL KEY STAKEHOLDERS ON THE JOURNEY TO SCALE DANISH CLIMATE TECH COMPANIES
With the desire to offer Danish climate tech startups a unique opportunity to step into Silicon Valley's startup and innovation ecosystem, ICDK launched its Climate Tech Accelerator in the fall of 2023.
The intensive program was created with the aim of giving participants a unique chance to meet and learn from other successful startups, as well as to establish connections with investors, tech leaders, and major brands within climate innovation. To ensure participants received maximum benefit, the accelerator was held concurrently with the world's largest climate tech conference, VERGE 2023, annually hosted in Silicon Valley by GreenBiz Group.
The accelerator focused on equipping participants as best as possible to continue their internationalization journey and understand the rules of the game in the international startup environment. ICDK's Advisors provided feedback and sparring to the participating companies, helping them better understand how their business model is perceived from an American perspective and how to best navigate the international climate tech ecosystem.
To give participants the opportunity to test their newly acquired skills in practice, ICDK arranged a Pitch Night, where leading investors from venture capital funds judged the companies' presentations. The event attracted more than a hundred spectators, who watched the Danish climate tech startups present their business models in a few minutes. This popular event became a unique learning experience for the participants, who in a single evening gathered valuable insights and experiences on how to pitch to investors and communicate their business idea in a simple and inspiring way.
KVASIR TECHNOLOGIES HAS ITS SIGHTS FIRMLY SET ON THE USA
Participation in ICDK's Climate Tech Accelerator marked the beginning of what Kvasir Technologies hopes will develop into an American adventure. After the accelerator, it became clear to Kvasir Technologies that the startup ecosystem in Silicon Valley is unique and contains countless opportunities and business dimensions. Through the accelerator, the company has built a deeper understanding of this ecosystem and developed a plan for its internationalization journey.
Furthermore, Kvasir Technologies has chosen to maintain contact with ICDK's Advisors in Silicon Valley, who continue to provide sparring and input. For the company, this means acquiring important experiences that are crucial for navigating the Silicon Valley ecosystem and creating growth through the right platforms. The significant benefits from participating in ICDK's Climate Tech Accelerator are emphasized by Anders Kristoffersen, Co-Founder and COO of Kvasir Technologies, who summarizes:
Our participation in ICDK's Climate Tech Accelerator provided us with valuable insights about the Silicon Valley ecosystem. The program has given us the foundation to pursue investments from venture funds in the area.
about Kvasir Technologies
Kvasir™ was built on a vision that it is possible to eliminate carbon emissions from heavy transportation, by harnessing natural and abundant sources of biomass that do not compete with food. Fossil fuels must be phased out over the coming decades, as the effect on our climate is becoming more obvious. The UN 2050 climate goals stipulate that the use of fossil fuel should peak in 2020 and that fossil fuels must be phased out completely by 2050. This transition is well underway in some areas, while other sectors are struggling to find alternatives that are viable from a technical, environmental as well as economic perspective. Shipping is one of the most challenged sectors, heavily relying on liquid fuels as large ships must be able to remain at sea for weeks when crossing the oceans. Several solutions have been proposed, but none of them are economical or available in the scale needed for the shipping industry. Kvasir™ utilizes an efficient proprietary technology replicating the natural process of turning biomass into oil. A process that takes nature millions of years, is for Kvasir™ possible to do in minutes.kvasirtechnologies.com
PARTICIPATING IN INNOVATION CENTRE DENMARK'S ACCELERATORS CAN SERVE AS A LAUNCHPAD FOR A JOURNEY TOWARDS INTERNATIONALIZATION
Several times a year, ICDK organizes accelerators in Silicon Valley, where Danish startups are given the opportunity to explore the international environment in the world's leading tech center. ICDK's unique network acts as a ticket to major companies, significant investors, and tech leaders, offering Danish startups an unparalleled opportunity to connect with key players in Silicon Valley. For Kvasir Technologies, the accelerator became an essential piece in the larger puzzle of looking beyond national borders and striving for international scaling.
If you and your company are also looking for opportunities to explore the tech startup environment in Silicon Valley and would like to learn more about how to best embark on your internationalization journey, our advisors are experts in this area and are happy to provide more information about upcoming programs and your opportunities to internationalize and get closer to the world's tech hub.