Norden buys minority stake in biofuel producer Mash Makes

Singapore-based Norden will gain a minority stake in Danish-Indian biofuel company Mash Makes, which researches, develops, and produces renewable fuels from biomass waste.

PHOTO: A Capesize vessel from Norden's fleet. Norden

“The investment is a strategic partnership, where Norden secures access to renewable fuels, specifically bio-oil, at favorable pricing,” said the Singapore-headquartered company.

Mash Makes' production of first bio-oil product is in a late development stage, with the first trial expected in early 2024.

As a strategic partner, Norden will assist Mash Makes to scale up its production and secure biofuel supply for its fleet within the next three years.

“We cannot rely solely on traditional offtake agreements with fuel suppliers to achieve decarbonisation at the necessary speed that climate change requires,” Norden’s chief executive Jan Rindbo said.

Prior to this investment, Norden and Mash Makes collaborated on the use of biofuels in 2021.

By Aparupa Mazumder 

Please get in touch with comments or additional info to news@engine.online