Swiss tech start-up secures $10m investment to decarbonise shipping

Swiss tech start-up secures $10m investment to decarbonise shipping
Dr. Mario Michan founder & CEO of Daphne Technology

Swiss climate tech start-up Daphne Technology has attracted another round of investors including Shell Ventures, Trafigura, AET, and Saudi Aramco Energy Ventures. The US $10.92 million investment will help the start-up to continue leveraging innovative technology to remove greenhouse gas (GHG) emissions from the combustion gas of any fuel type.

Daphne Technology’s plug-and-play solution breaks down pollutants, such as nitrogen oxides, methane and carbon dioxide, and converts them into non-hazardous by-products, which are either released into the environment or transformed into valuable products.

Daphne Technology aims to help the transition to net-zero in the maritime and hard-to-decarbonise sectors. The company is currently pursuing commercial deployment and scaleup and is positioning its solutions in landmark projects.

As Daphne’s technology can be applied to multiple fuel types, it has the potential to make a substantial impact across the energy system.

Shell Ventures led the CHF 10 million capital raise along with Trafigura. AET, and all previous investors co-invested, including Saudi Aramco Energy Ventures and the Innovation Fund. The capital raise earmarks the second round of funding since Daphne Technology spun off from the Swiss Federal Technical Institute (EPFL) in 2018.

“We are proud to have attracted best-in-class strategic investors all committed to working together, with Daphne, for an economically sustainable energy transition,” said founder and CEO of Daphne Technology, Dr Mario Michan. “The capital raise enables us to deploy our systems and expand our portfolio of emission reduction solutions. The transition to a more sustainable economy represents a historic investment opportunity.”

All new shareholders are joining Daphne with the common goal of accelerating the company’s technology deployment and maximising its impact.

Peter van Giessel, investment director, Shell Ventures, commented: “We are very pleased to support Daphne in their mission to create a more sustainable energy future. Daphne’s technology addresses a significant challenge in the hard-to-abate marine space when it comes to reducing greenhouse gas emissions. Their plug-and-play solution has enormous potential to also help other sectors, and we look forward to supporting them in their journey.”