Blue World closes EUR 6M investment round for fuel cell tech

Blue World closes EUR 6M investment round for fuel cell tech
Blue World Technologies’ methanol fuel cell in test set-up. Image courtesy of Blue World Technologies.

The methanol fuel cell developer and manufacturer, Blue World Technologies, has closed an investment round with an investment of more than EUR 6 million and has been handed the keys for a new production site for January 1, 2021.

At the end of November, Blue World Technologies announced the opening of an investment round. It was informed that Blue World was in the subscription phase with several larger commitments from European investors with experience within methanol fuel cell technology.

Besides the larger investors, Blue World Technologies also opened the opportunity for smaller investors to join based on good previous experience from last year. Blue World Technologies ended up signing investments with 50 smaller investors each with a subscription of minimum 15,000 EUR.

Blue World Technologies raised EUR 1 million from the smaller investors in less than two weeks. Together with the investments from the larger investors, Blue World Technologies closed the investment round with a great result of EUR 6.4 million.

Anders Korsgaard, CEO and co-founder of Blue World Technologies, said: “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 m helps our journey towards commercialising the methanol fuel cell technology”.

Meanwhile, this investment round received massive interest in the subscription phase. 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. They are to take over the building January 2021 and will initiate installation and test of production equipment in the following months. The production 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 CEO and co-founder Anders Korsgaard.

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. 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.