Skip to content
Subscriber Only

Maersk Buys Stake in Silicon Valley Electrofuel Startup in Race to Ditch Oil

Photographer: Chris J. Ratcliffe/Bloomberg

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.