Danish methanol fuel cell (MFC) technology developer and manufacturer Blue World Technologies ApS have confirmed that Vaekstfonden, the Danish Growth Fund, and the German engine manufacturer DEUTZ AG will enter as investors in the company with a total investment of EUR 15 million. The aim of the investment is to bring the company’s green fuel cell products and solutions to the global market.
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In October 2021, Blue World Technologies announced that Vaekstfonden and DEUTZ had begun a due diligence process with the intention to invest in the company.
This process has now been completed and Vaekstfonden and DEUTZ are therefore each investing EUR 7.5 million in the company. With Vaekstfonden and DEUTZ as investors, Blue World Technologies is also in a strong position concerning a potential stock exchange listing in the future.
Since the beginning of 2021, the company has been working to establish a manufacturing facility to produce the core components for the fuel cell stacks and systems at their headquarters in Aalborg, Denmark. During the year, the company has insourced the entire production of membranes, electrodes, and separator plates.
With the new investment, Blue World Technologies will work towards starting serial production to get the company ready to send fuel cells and systems to industries around the world.
With a short history of only three years, we have moved quickly in many ways, and with these new investments, we are now accelerating the industrialization of our methanol fuel cell technology even more. Both Vaekstfonden and DEUTZ are really strong and experienced investors who can support Blue World, both in relation to the further development of the company, large-scale production, and market access. We have had an exciting and good collaboration in recent months, and we look forward to continuing exploring that, said Anders Korsgaard, Co-founder and CEO of Blue World Technologies.
Roll-out Danish developed and manufactured methanol fuel cells
The 8 500 m2 production building that Blue World Technologies took over in February 2021, will be one of the world’s largest fuel-cell factories within high-temperature PEM technology.
At the plant, methanol fuel cell stacks and systems will be manufactured for a wide variety of industries within the stationary and the transportation sector where it will act as a green alternative to conventional combustion engines or generators.
With an expectation of producing 500 MW fuel cells at the plant in Aalborg, Denmark when the full production capacity is achieved within the next couple of years, the company takes a big step towards getting the methanol fuel cell (MFC) technology out on the market, where it will contribute to reducing both carbon dioxide (CO2) and air pollution.
The promising potential and innovative technology have contributed to the company now closing the investment round. The Danish Growth Fund, Vaekstfonden, is also pleased that Danish technology can contribute to the global green transition.
With our investment in Blue World Technologies, we look forward to contributing to the promotion of Danish sustainable technology. It is important that we have companies in Denmark that take the big and crucial step from laboratory production to large-scale commercial production. This step requires large investments in production facilities, and with this investment, we are happy to be able to contribute to getting methanol fuel cells out on the market, where they will make a difference for both our climate and environment, said Rolf Kjærgaard CEO at Vaekstfonden – the Danish Growth Fund.
The investment from Vaekstfonden is supported by the European Investment Bank (EIB) with the backing of the European Union through EFSI. The listed German engine manufacturer DEUTZ also sees great potential for Blue World Technologies.
The investment and the collaboration with Blue World Technologies are in line with our activities within the development of climate-neutral drive systems at DEUTZ. We are generally experiencing great interest in our climate-neutral solutions, and we also experienced this in November, when Blue World Technologies presented their products to our customers and partners at the annual DEUTZ DAYS. The interest that has been generated is overwhelming and we look forward to seeing the potential of our collaboration unfold in the coming years, said Dr Frank Hiller, CEO of DEUTZ.