Early this year, Panos Kouris received the Marc Cornelissen Brightlands Award. His company Vertoro produces a so-called bio-oil platform product (GOLDILOCKS®) made from sustainable forest and agricultural residue streams. It can be used as biofuel for container ships or feed for the chemical sector. Maersk Growth, the venturing arm of the world's largest shipping company, has now come forward as an investor. 'It's too early for champagne'.

Every Dutch politician would be proud if he could have written the story of Dr. Panos Kouris (34). Because this is about creating opportunities and cashing in on them. His story starts in the city of Kalamata in southern Greece. His parents were engineers, so it's not so surprising that he went to the University of Patras to get his bachelor's degree in chemical engineering. But then he had to look for the right place to do his masters. Of course he also applied in England and Scandinavia, but he set his sights on the Netherlands. Because the relationship between universities and industry there is very close and strong. Moreover, I knew that the Dutch value innovation highly and that they dare to take risks. If you look at the figures on start-ups in Europe, you see that the Netherlands is doing particularly well. The climate for start-ups is excellent; the government helps with subsidies and funds and the business community dares to invest. Of course it depends a bit on the field, but when it comes to chemistry, the Dutch are doing very well.'

Convincing a foreign talent to take a master's degree at TU Eindhoven is one thing; subsequently offering him opportunities for further development so that he can set up a company is quite another. But it is the story of Panos Kouris. So every politician would like to have the credit for it. During his PhD research, he co-founded the start-up Vertoro. He stepped in, received the Marc Cornelissen Brightlands Award for, among other things, his ability to inspire others, and now Panos lives in Rosmalen with his Dutch wife and sons Tristan and Daniël. He commutes between the Technical University in Eindhoven where he still does scientific research and Brightlands Chemelot Campus in Geleen where Vertoro continues to develop.

Shortly ago came the big breakthrough. Maersk, the world's largest shipping company, announced it was investing through Maersk Growth, together with SHIFT Invest, Brightlands Venture Partners and LIOF. Vertoro, now ten strong, which claims to accelerate the green revolution, will be able to build a pilot plant on Brightlands Chemelot Campus in 2022. This plant will be used to further develop the marine fuel, in collaboration with Maersk, as well as other Goldilocks® applications in both the materials and chemical sectors. 'It's a very big step, but the champagne won't open until the first ship leaves port on our alternative fuel,' laughs Panos Kouris.

In Greece, he already knew he would become an entrepreneur. Not necessarily to earn big money, but mainly to mean something for a sustainable world. Who knows, maybe one day he'll succeed in bringing clean fuel back home because the national fleet in Greece is enormous.

After two years of 'rock solid work and research', Panos Kouris founded Vertoro in 2017, together with initiator Dr. Michael Boot. 'We knew we were on the right track and that nobody else was working on something similar. Partly thanks to investment bank LIOF and Brightlands Venture Partners, we were able to further develop our idea from the lab at TU Eindhoven in Geleen. It was very important for us to be able to work together with large companies such as DSM and Sabic. We want to use the expertise and know-how of the chemical industry during our scale-up strategy.'

Kouris hurries to put Vertoro's share in perspective. 'We provide one of the solutions. It takes many options to get shipping clean.' Recently, in its 2020 sustainability report, Maersk Group identified four priority fuels for emission-free shipping. Among biodiesel, biomethanol and green ammonia, lignin-alcohol fuels (Vertoro's platform product) are considered the most competitive net-zero fuels, with the lowest price nearly equal to fossil fuels.' For now, Vertoro's liquid fuel only works for ships that also run on methanol. Maersk has ordered eight ships that can run on methanol. For the idea: the Danish company's entire fleet is 100 times larger.

Resistant choices

Maersk's investment will allow a pilot plant to be set up at Brightlands Chemelot Campus to further develop and scale up the fuel. Production is expected to start in about nine months. Eventually production should take place at one of the European ports, probably Rotterdam because the region has promised a start-up subsidy. Kouris: "Keep in mind that the life span of a container ship is about thirty years. So any decision made now has to be sustainable until 2050, the year we all want to be climate-neutral.

Green Revolution

Vertoro profiles itself as a driver of the green revolution. Does Panos Kouris personally feel the same way? 'I am a scientist so I also know that we are ruining the earth if we continue like this. I am also concerned. At the same time, I'm optimistic about life and I'm glad I can make my contribution. We are not going to change this world just because young scientists can develop good ideas through start-ups. Big companies also need to change and help make these ideas a reality. I would like to offer my children a clean world.'

In the meantime, how about greening in Greece? 'There too I see good initiatives. Don't forget that Greece is one of the largest maritime powers in the world. I hope we can also inspire start-ups in Greece.' For that, he will not go back. 'My life takes place here, my family, my work everything is here. Maybe I'll go back when I'm retired.' By then the world should be a lot cleaner.