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Maersk buys stake in Silicon Valley electrofuel startup in race to ditch oil

With an investment through its corporate venture division, Maersk is making a concerted effort to invest alternative fuels that could benefit its fleet.

Morten Bo Christiansen, Maersk's head of decarbonization. | Photo: Maersk PR

A.P. Moller-Maersk A/S is investing in a startup that develops electrofuels as part of a strategy to own technologies that can help it become carbon neutral.

The Danish company, which is both the world's largest shipping line and among the planet's top oil consumers, bought a minority stake in Prometheus Fuels for an undisclosed amount, it said on Thursday. Maersk is investing through its corporate venture division, Maersk Growth, and will get a seat at the board of the Silicon Valley-based startup.

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