Blue World Technologies to acquire Danish Power Systems
In Denmark, Blue World Technologies ApS, a developer and manufacturer of methanol fuel cells has announced that it is acquiring compatriot Danish Power Systems ApS, a high-temperature proton exchange membrane (HT-PEM) material research company. With the strong experience and competencies of Danish Power Systems’ team, Blue World Technologies is able to accelerate product development to optimise the technology platform bridging R&D activities and market needs.
On December 29, 2020, the respective general assemblies at Blue World Technologies and Danish Power Systems approved a combination of the two companies, whereby Danish Power Systems is acquired by and subsequently merged into Blue World Technologies to strengthen the market position of Blue World Technologies.
The transaction follows the acquisition Blue World Technologies made in August 2019, where the company initially bought 15 percent of the shares in Danish Power Systems. The transaction is subject to the approval of the Danish Authorities.
For more than 25 years, Danish Power Systems has been working with high-temperature proton exchange membrane (HT-PEM) technology and was one of the first companies in the world to start research and development (R&D) activities within this technology.
Based on its membrane electrode assembly (MEA) technology, Danish Power Systems is widely recognized around the world. Since Blue World Technologies was founded in 2018 with the vision and strategy to commercialize the methanol fuel cell technology, its fuel cell platform has been built using the MEA-technology of Danish Power Systems.
The experience and know-how the team from Danish Power Systems is bringing into Blue World Technologies are second to none. In the 20 years, I have been working with fuel cell technology I have not seen other component suppliers capable of providing the same stability, power density, and well-proven component-lifetime as Danish Power Systems. The acquisition of Danish Power Systems is, therefore, an important and value-adding step for us to secure additional technology competencies strengthening and benefitting our fuel cell production, said Anders Korsgaard, CEO and Co-founder of Blue World Technologies.
Accelerate product development
With the strong experience and competencies of Danish Power Systems’ team, Blue World Technologies is able to accelerate product development to optimise the technology platform bridging R&D activities and market needs. With an industrial approach, Blue World Technologies is differentiated from most other manufacturers of methanol fuel cells and fuel cell systems, by having all technologies and core component manufacturing within the fuel cell stack value-chain in-house, and in some cases even to system level.
For many years, our activities have been centred around R&D. Now we are very much looking forward to being part of Blue World Technologies and contribute to the ambitious goal of commercialising the HT-PEM methanol fuel cell technology. It is taking us much closer to the market where we can really see our technology make a difference in the race towards a greener future, said Hans Aage Hjuler, CEO of Danish Power Systems.
Blue World Technologies has initiated the commercialisation of the methanol fuel cell technology through large-scale production and is planning to start up pre-series production in mid-2021 with a production capacity of up to 5 000 units (50MW).
The company is targeting to reach a full-scale commercial production capacity of up to 50 000 fuel cell units within three years.
An important role in the Power-to-X value chain
Large-scale and cost-efficient production is key for a truly commercialised breakthrough of methanol fuel cell solutions as a green alternative to industries around the world.
Within the past couple of years, Power-to-X has gained global ground, both on the political scene and in many industries. In the green transition, Power-to-X technologies are going to play a significant role, especially within the sectors where direct electrification is not possible or feasible, which for example could be within heavy-duty transportation.
When transforming green electricity and biogenic carbon dioxide (CO2) into liquid fuel, such as methanol, it is possible to reuse the existing global infrastructure for storage and distribution while reducing fossil fuel consumption, and thereby, reduce CO2 net emissions.
Methanol and other electro-fuels (e-fuels) can be used to fuel conventional combustion engines and generators, either as a stand-alone fuel or as an additive, or they can be used to power fuel cells. On the utility side of the Power-to-X value chain, Blue World Technologies’ fuel cell technology is striving to play an important role.
With high electrical efficiency of up to 45 percent, Blue World Technologies’ methanol fuel cells will for many applications provide a much higher efficiency compared to combustion engines and generators.
In addition, the fuel cells provide a clean and environmentally friendly operation where emissions of harmful particles such as NOx and SOx are eliminated.
Furthermore, the operation can be either CO2 neutral or have a significantly reduced CO2 emission depending on the origin of the fuel, contributing to the combat against severe air pollution and climate changes.