Blue World Technologies, an Aalborg, Denmark-based methanol fuel cell technology company, received an investment from the Bill Gates-founded Breakthrough Energy Ventures (BEV).
BEV entered as an investor in the company alongside Vaekstfonden (The Sovereign Investment Fund of Denmark), DEUTZ AG, and existing investors, who invested back in December 2021 to complete the company’s €37m series B round.
In connection with the investment from Breakthrough Energy Ventures – partly funded by Breakthrough Energy Ventures and Breakthrough Energy Ventures-Europe (BEV-E) – Allegra Kowalewski-Ferreira, a skilled and experienced investment professional, joined Blue World Technologies’ Board of Directors.
The series B funds will be used for scaling the fuel cell production as well as investing in the development of methanol-driven fuel cell applications for the maritime sector. In late 2021, the company insourced all the production of the core fuel cell components and is currently in pre-series production. Later this year, Blue World Technologies will launch series production and with further scaling, the company expects to reach a production capacity of 500 MW within a couple of years.
Founded in 2018 by Anders Korsgaard, Mads Bang, and Mads Friis Jensen, Blue World Technologies has worked on industrializing methanol fuel cell technology through R&D and large-scale production. The fuel cells act as an alternative to fossil-based combustion engines, and with high energy conversion, the methanol fuel cells enable a cost-efficient utilisation of renewable e-fuels such as methanol.
FinSMEs
30/08/2022