Daphne Technology, a Swiss startup that has developed multi-pollutant reduction technology—a “green converter”—targeting the maritime industry, has secured strategic investments from Shell Ventures, Trafigura, AET and Saudi Aramco Energy Ventures.
Daphne’s technology removes toxic and GHG emissions such as nitrogen oxides, methane and carbon dioxide from the combustion gas of any fuel type, including oil, LNG, biofuels, ammonia, and hydrogen. The plug-and-play solution breaks down the pollutants, converting them into non-hazardous by-products, which are either released into the environment or transformed into valuable products. As a result, Daphne can contribute to a circular economy and a significant reduction in GHG emissions.
The company is currently pursuing commercial deployment and scaleup and is positioning its solutions in landmark projects. Because Daphne’s technology can be applied to multiple fuel types, it could make a substantial impact across the energy system.
Shell Ventures led the CHF 10 million (US$11 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.
All new shareholders are joining Daphne with the common goal of accelerating the company’s technology deployment and maximizing its impact.
Daphne Technology’s innovative approach has the potential to become a pivotal technology for the maritime industry. The ability to capture emissions from hydrocarbon maritime fuels and meaningfully reduce emissions in the short-term is a critical component of the industry’s transition to net zero emissions, in which multiple fuels and multiple abatement solutions will be required. This investment fits well with our strategy to invest in and develop technologies and business models that will be required for the transition to net zero.
AET is very pleased to be one of Daphne Technology’s strategic investors and support the development and deployment of technology to transition the maritime sector to net-zero. This investment marks our entry into R&D for GHG abatement technologies aligned with our ongoing decarbonization initiative and is made alongside other leading like-minded energy players and strategic partners. As a believer in LNG as a longer-term solution in maritime decarbonization, we have been looking for technologies to reduce the methane slip and improve the “tank to wake” decarbonization environment. Therefore, aside from being an investor, we will also deploy and test the technology across our vessels which utilise LNG as a fuel source.