Norden acquires minority stake in MASH Makes
In Denmark, Norden said it has acquired a minority stake in MASH Makes, a Danish-Indian biofuel firm, which researches, develops and produces renewable fuels from biomass waste.
Through this transaction Norden said it secures access to renewable fuels, specifically bio-oil, at favorable pricing.
“We cannot rely solely on traditional offtake agreements with fuel suppliers to achieve decarbonization 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.”
As a strategic partner, Norden’s role will be to help MASH Makes bring its bio-oil products to the marine fuel market and offtake biofuel for Norden’s fleet. The production of MASH Makes’ first bio-oil product is in a late development stage and we expect to conduct the first trial onboard Norden vessels in early 2024, the company said.
Category: Fuels
