Norden has acquired a minority stake in Mash Makes, a Danish-Indian biofuel scale-up, which researches, develops and produces renewable fuels from biomass waste.
The deal should allow Norden secures access to renewable fuels, specifically bio-oil, at favourable pricing, and the two companies have cooperated on biofuel use since 2021. “We cannot rely solely on traditional offtake agreements with fuel suppliers to achieve decarbonisation at the necessary speed that climate change requires,” said Norden ceo, Jan Rindbo. “We need to be a greater part of the supply chain, to both ensure significant volumes and attractive prices that can make Norden competitive in offering low emission freight solutions to our customers.”
Adam Nielsen, head of logistics and climate solutions at Norden, added: “The benefit of bio-oil is that it can be used in existing vessel technologies and bridge the gap between transitioning from fossil fuels to carbon free fuels, which requires new vessel technologies.”
Earlier in July, Norden completed the acquisition of Thorco Projects. It has been integrated into Norden Projects & Parcelling, which falls under the company’s freight services and trading business unit.
Norden agreed to acquire Thorco Projects in May in order to diversifying its offering into the breakbulk, wind energy and steel shipping business.
