Silva Biofuel AS Formed to Continue Development of Advanced Biofuel Solutions Following Agreement With Statkraft

Silva Biofuel AS Formed to Continue Development of Advanced Biofuel Solutions Following Agreement With Statkraft

(IN BRIEF) Statkraft has agreed to transfer the Tofte biofuel demonstration facility and related expertise to a new company, Silva Biofuel AS, formed by former employees of Silva Green Fuel. The move reflects Statkraft’s strategy to concentrate on core renewable technologies while allowing continued development of advanced biofuel production methods supported by earlier Enova funding. Led by CEO Joakim Sværen, the new company will focus on further maturing hydrothermal liquefaction technology and attracting investors, with the long-term goal of building commercial plants to help reduce emissions in hard-to-decarbonize sectors.

(PRESS RELEASE) OSLO, 19-Feb-2026 — /EuropaWire/ — Statkraft has reached an agreement with a group of former Silva Green Fuel employees that allows testing and development of advanced biofuel technology to continue at the Tofte site under new ownership.

The arrangement aligns with Statkraft’s updated corporate strategy, which emphasizes profitable growth in established renewable technologies such as hydropower, solar, wind and battery solutions across its core markets. As part of streamlining its technology portfolio, the company has sought new ownership structures for activities outside this focus, including the biofuel business Silva Green Fuel.

New Company to Carry Forward Technology Development

Under the agreement, the accumulated expertise, intellectual know-how and demonstration plant at Tofte will be transferred to a newly formed company, Silva Biofuel AS. The entity is owned by former Silva Green Fuel personnel and will be led by Joakim Sværen as Chief Executive Officer.

The move ensures continuity for the research and demonstration work previously carried out through Silva Green Fuel, which has focused on advancing technologies for the production of advanced biofuels—an area widely regarded as important for reducing emissions in sectors that are difficult to decarbonize.

Building on Years of Research and Public Support

The development activities at Tofte have included extensive testing and validation of new production methods, supported in part by funding from Enova. The ongoing work aims to mature the technology further and assess its readiness for future commercial deployment.

The agreement enables the technical team behind the project to continue refining hydrothermal liquefaction-based processes and to attract new investment partners interested in scaling the solution.

Transition to Next Phase With Commercial Ambitions

Silva Biofuel plans to enter a new stage focused on advancing the technology toward market readiness and ultimately establishing commercial-scale facilities. The initiative is expected to draw international attention as industries search for viable low-carbon fuel alternatives for hard-to-abate applications.

The transaction remains subject to regulatory approval before it is fully completed.

Media Contacts:

Geir Fuglseth
Media spokesperson
+47 913 70 572
geir.fuglseth@statkraft.com

Joakim Sværen
CEO Silva Green Fuel
Telephone:
+47 456 00 160
joakim.svaeren@silvagreenfuel.com

SOURCE: Statkraft