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Blue World Technologies secures Danish Green Investment Fund financing

Danish methanol fuel cell (MFC) technology developer and manufacturer Blue World Technologies ApS have announced that it has secured DKK 10 million (≈ EUR 1.34 million) in loan financing from the Danish Green Investment Fund. With the cutting-edge methanol fuel cell technology and the support from the Danish Government, this capital will help push forward the green transition of the transportation industry.

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Founded in Aalborg, Denmark in 2018 by Dr Mads Bang (left),  Mads Friis Jensen, and Dr Anders Korsgaard and, Blue World Technologies is an advanced developer and manufacturer of methanol fuel cell components and systems for use in mobility and automotive applications (photo courtesy Blue World Technologies).

The Danish Green Investment Fund is an independent state loan fund that aims to co-finance investments within renewable energy, energy savings, and resource efficiency, that promote a green transition in Danish society. The fund aims to help build a bridge between the traditional source of financing and capital while operating with both a green and commercial focus.

We fund projects that will increase the green transition and we see it as our purpose to contribute to reducing the CO2 emissions in society. There is a need for more green and supplemental alternatives, also in the transportation sector, of which Blue World Technologies is an excellent example. With a cutting-edge product and a strong renewable ambition, they have an important role in transitioning the sector. Therefore, we are very much looking forward to the partnership that will also help create growth and jobs in Denmark, said Michael Zöllner, Managing Director of the fund.

Blue World Technologies is a developer and manufacturer of high-temperature proton exchange membrane (HT-PEM) methanol fuel cell components and systems for stationary and APU applications and the automotive and heavy-duty transportation sectors around the world.

The company currently employs approximately 50 people with the headquarters located in Aalborg, and a development and production department in Kvistgaard, Denmark.

The fuel cells act as a green alternative to combustion engines and diesel generators. As a part of the Power-to-X eco-system the methanol fuel cell technology contributes to solving parts of the green transition that cannot be solved by direct electrification and battery technology alone.

We have in many years worked on refining our technology that will replace the regular combustion engine, to enable cars onwards to be fuelled with renewable methanol using fuel cells. The transportation sector is a large polluter and accounts for up to a fifth of all CO2 emissions globally. So, there is a great potential for our technology, and we are working targeted to expand our technology globally, said Anders Korsgaard, CEO and Co-Founder of Blue World Technologies.

Range extender for BEV’s

In recent years, there has become a great focus on the transition of the transportation sector, and electric-powered vehicles and the charging infrastructure are an important part of the equation.

But it is also a well-known challenge that driving range and the resulting inflexibility cause consumers to opt-out of the electric vehicle. It is the batteries in the cars that set a limit for the driving range, however, Blue World Technologies solves this problem.

The transportation sector is facing large challenges, and consumers and customers all over the world will to a larger extend demand renewable transportation options. This is where Blue World Technologies has a lot of justification, and this is the potential we now need to support with the new capital from the Danish Green Investment Fund, said Anders Korsgaard.

Methanol fuel cells function as a range-extender in an electric vehicle, where it, in a hybrid constellation with a smaller battery, provides a driving range of up to 1 000 km. At the same time, long charging times are avoided, as liquid methanol is refueled in only a few minutes in the same manner as conventional transportation fuels.

As an alternative to the combustion engine, there is great potential in using methanol fuel cells in a hybrid constellation with a smaller battery. These two technologies work excellently together, and by this, Blue World Technologies can contribute to making electric cars more flexible and attractive, ended Anders Korsgaard.

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