Vaekstfonden, the Danish Growth Fund, and German engine manufacturer DEUTZ AG will invest a total of EUR 15 million in Blue World Technologies.
The objective is to expand the global market for the company’s green fuel cell products and solutions.
Vaekstfonden and DEUTZ AG stated in October that they had begun a due diligence process with the purpose of investing in Blue World Technologies, a Danish developer and manufacturer of fuel cells. This procedure is now complete, and Vaekstfonden and DEUTZ will invest EUR 7.5 million each in the company. With investors like as Vaekstfonden and DEUTZ, Blue World Technologies is also well-positioned for a future stock exchange listing.
Since the beginning of 2021, Blue World Technologies has been working to develop a plant in Aalborg, Denmark to manufacture the essential components for fuel cell stacks and systems. Throughout the year, the company has manufactured all membranes, electrodes, and separator plates in-house. Blue World Technologies will use the new financing to accelerate serial manufacturing and position the company to sell fuel cells and systems to industries worldwide.
“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 industrialisation 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 with market access. We have had an exciting and good collaboration in the recent months, and we look forward to continuing exploring that” said Anders Korsgaard, Chief Executive Officer and Co-founder at Blue World Technologies.
With the goal of producing 500 MW of fuel cells at the factory in Aalborg, Denmark within the next couple of years, the firm makes a significant step toward bringing methanol fuel cell technology to market, where it will contribute to CO2 and air pollution reductions.
The company’s high prospects and innovative technology have aided in finalizing the financing round. Vaekstfonden, the Danish Growth Fund, is likewise glad that Danish technology can help accelerate the global green transformation.
“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 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 AG.
Vaekstfonden’s investment is backed by the European Investment Bank, which is backed by the European Union through EFSI.
