Blue World Technologies raises over EUR 6 million and signs factory lease
Danish methanol fuel cell technology developer Blue World Technologies ApS has announced that it has successfully closed an investment round raising more than EUR 6 million with both large and smaller investors. In parallel, the company has signed a leasing agreement and "handed over the keys" for a new production building at the Port of Aalborg, Denmark.
Blue World Technologies originally was expected to close an investment round at the beginning of 2020, but the coronavirus (COVID-19) pandemic 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 commercializing the methanol fuel cell technology.
At the end of November 2020, it announced the opening of an investment round with several larger commitments from European investors with experience within methanol fuel cell technology. In addition, the company opened the opportunity for smaller investors to join based on good previous experience from last year.
In total, Blue World Technologies closed the investment round with EUR 6.4 million.
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 EUR 6.4 million helps our journey towards commercialising the methanol fuel cell technology, said Anders Korsgaard, CEO and Co-founder of Blue World Technologies.
One step closer to commercialization
In parallel, 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. Available from January 1, 2021, the company will initiate installation and test of production equipment in the following months.
The 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, said Anders Korsgaard.
Blue World Technologies is focused on High-Temperature Proton Exchange Membrane (HT PEM) technology combined with methanol-reforming. The combination the company says 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 refueling, zero harmful emissions, and low fuel cost.
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.
In hindsight, 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.
Furthermore, it is planning to set up development and manufacturing activities in key markets to optimise the supply chain and ensure proximity to clients.