Danish methanol fuel cell (MFC) technology developer and manufacturer Blue World Technologies ApS have announced that it has secured EUR 7.5 million in loan financing from the Danish Green Investment Fund. This will contribute to the company's transition from pre-series production to actual series production of methanol fuel cells this year.
Over the past year, Blue World has been working on building a large-scale production of methanol fuel cells that serve as a green alternative to the internal combustion engine (ICE) and diesel generator.
The in-house production of the last components was outsourced in the autumn of 2021, and Blue World Technologies is now working determined on streamlining and upscaling the production, which is supported by the new capital injection.
The industrialization process that we have well underway at Blue World Technologies is essential for us to really make a difference to the green transition. And the transition from laboratory production to actual series production is extensive and capital-intensive, and we are grateful for the support we have received from the Danish Green Investment Fund on our journey towards supplying methanol fuel cells as a green alternative to industries around the world, said Anders Korsgaard, CEO and Co-founder of Blue World Technologies.
The road to green alternatives to fossil fuels includes indirect electrification via Power-to-X (PtX) where surplus electricity is transformed into hydrogen and other green fuels like methanol.
National and European PtX support
This has recently been stated by the Danish government in a broad Parliamentary agreement on contribution to the expansion of production and use of Power-to-X in Denmark.
This announcement came shortly after the European Commission’s REPowerEU proposal, in repsonse to the geopolitical situation in Ukraine, emphasizing that the EU needs to redouble its transition to renewables and hydrogen combined with more energy efficiency to become energy independent.
The Power-to-X fuels, including methanol, can be used in the shipping industry and elsewhere in heavy transport, where direct electrification is not sufficient.
The transition of these sectors is necessary to achieve the global goals of carbon dioxide (CO2) reduction.
When we are to build green companies with technologies that have global potential, it is often crucial that these companies take large and capital-intensive steps towards large-scale production. This particularly applies to Blue World Technologies, which are contributing to the development of sustainable solutions of the future, especially in the field of transport. It will benefit both the climate and the environment and at the same time create growth and jobs in Denmark. Therefore, we are pleased that with this financing we can contribute to an important step in their growth journey, said Michael Zöllner, Managing Director of the Danish Green Investment Fund.
Efficient use of electro-fuels
With new Power-to-X production capacity being launched in Denmark and elsewhere around the world, and with major industrial players such as Maersk at the forefront, the focus is increasing on both production and use of green fuels.
According to Blue World Technologies, its fuel cell technology not only enables the use of methanol as a green alternative in these sectors but does so in an efficient and clean way. Measured against fossil fuels, there is an additional cost for green fuels, a so-called green premium.
For the use of green fuels to become competitive, it requires that production is increased, production costs are reduced, and that you get the most out of the fuels.
With high electrical efficiency, Blue World Technologies’ fuel cells will in the short term contribute to reducing the additional cost associated with the use of green fuels and in the long term eliminate it completely.
In addition, the fuel cells ensure clean operation without NOx, SOx, and particulate matter (PM) – for the benefit of the climate and the environment.
