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Fuel Cell Developer Blue World Technologies Closes Very Successful Investment Round

By December 17, 2020 5   min read  (898 words)

December 17, 2020 |

Blue World Success
  • The methanol fuel cell developer and manufacturer, Blue World Technologies, has closed an investment round with an investment of more than 6 mEUR and is handed over the keys for a new production site 1 January 2021.

Blue World Technologies is happy to announce to have closed a successful investment round with both large and smaller investors.

Meanwhile, the investment round was ongoing a leasing agreement was signed on a new production building at the Port of Aalborg. At the beginning of 2020, Blue World Technologies was expected to close an investment round, but COVID-19 threw a spanner in the works which resulted in the investment round not being realised at that time. New dialogues with potential investors were initiated and the closing of this round makes it possible for Blue World to take the next step in commercialising the methanol fuel cell technology.

A great investment round

At the end of November, Blue World Technologies announced the opening of an investment round. It was informed that Blue World was in the subscription phase with several larger commitments from European investors with experience within methanol fuel cell technology.

Besides the larger investors, Blue World Technologies also opened the opportunity for smaller investors to join based on good previous experience from last year. It once again showed to be a success as the interest has been tremendous from the smaller investors around the world, which emphasise the general interest from the public in contributing to pushing the green agenda forward. Blue World Technologies ended up signing investments with 50 smaller investors each with a subscription of minimum 15,000 EUR.

Altogether Blue World Technologies raised an impressive 1 mEUR from the smaller investors in less than two weeks. Together with the investments from the larger investors, Blue World Technologies closed the investment round with a great result of 6.4 mEUR.

Anders Korsgaard, CEO and Co-founder of Blue World Technologies states “We are beyond excited that so many are showing an interest and not the least finding it a good business to support our green adventure. We have received investments from all over the world. To be able to close an investment round on 6.4 mEUR helps our journey towards commercialising the methanol fuel cell technology”.

One step closer to commercialisation

Blue World Fuel Cell Set UpMeanwhile, this investment round received massive interest in the subscription phase, Blue World Technologies signed a leasing agreement for a production building at the Port of Aalborg, located only a few minutes away from Blue World’s headquarters. They are to take over the building 1 January 2021 and will initiate installation and test of production equipment in the following months. The production facility will have a production capacity of up to 5,000 units (50 MW) per year. According to the plan, the initial production in the new production facilities is planned to start in mid-2021 as a pre-series production.

“This first factory we are building are smaller than first planned, but it is still one of the world’s largest productions of methanol fuel cells. We are very much looking forward to starting the installation of the production equipment and to initiate the next phase in ramping up the production,” says CEO and Co-founder Anders Korsgaard.

Originally, the plan was to build a much larger production setup to start with, but different circumstances led to the decision of making a smaller production setup with a production capacity of up to 5,000 units as a stepping-stone. This is a decision the company is very pleased with as it provides them with possibilities to add in additional learning steps in regard to both production processes and product development. Meanwhile, Blue World Technologies is continuing the planning of a production site with an aim to reach a full-scale commercial production capacity of 50,000 fuel cell units within three years.

The support from the new investors, both large and small, helps Blue World Technologies in the race towards a greener future. Blue World has the knowledge and potential to reduce large emissions from the transportation sector and other industries all over the world. These investors are joining a green tech adventure and are supporting the development and production of Blue World’s methanol fuel cell technology in taking one step closer to commercialising the technology.

Blue World Technologies is an advanced developer and manufacturer of methanol fuel cell components and systems as a real green alternative to the combustion engine. Blue World Technologies is founded on extensive experience from the fuel cell industry.

The exclusive fuel for Blue World Technologies fuel cell systems is methanol. A renewable liquid fuel that simple and cost-effective can be stored for years and transported around the world, unlike other alternatives.

Blue World Technologies is focused on the High-Temperature PEM-technology combined with methanol reforming. The combination ensures a simple system design with high conversion efficiency and compliance with automotive design requirements. The end solution is a vehicle with all benefits; long range, fast refuelling, zero harmful emissions, and low fuel cost.

The headquarters of Blue World Technologies is in Aalborg, Denmark which is a stronghold of highly qualified engineering within high-end technologies and has a competent industrial workforce for specialised component manufacturing. Furthermore, Blue World Technologies is planning to set up development and manufacturing activities in key markets to optimise the supply chain and ensure proximity to the customers.

Blue World Technologies is founded by Mads Bang, Anders Korsgaard and Mads Friis Jensen – all executives from the fuel cell industry with extensive experience.

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