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Blue World Technologies, an Aalborg-based methanol fuel cell technology company, secured an investment from the Bill Gates-founded Breakthrough Energy Ventures (BEV) alongside Vaekstfonden (The Sovereign Investment Fund of Denmark), DEUTZ AG, and existing investors who invested back in December 2021 to complete the company’s €37 million series B round. In connection with the investment from Breakthrough Energy Ventures, Allegra Kowalewski-Ferreira, a highly skilled and experienced investment professional, will join the company’s Board of Directors. The series B funds will help the company scale fuel cell production and invest in the development of methanol-driven fuel cell applications for the maritime sector.
“Being a world-leading venture fund within innovation and green technologies, we are honoured to bring Breakthrough Energy Ventures on board as a shareholder. It is in the DNA of both of us to set ambitious goals to make a difference in the world and we look forward to pursuing these goals together”, says Co-founder and Chief Executive Officer, Anders Korsgaard, from Blue World Technologies.
Founded in 2018 by Anders Korsgaard, Mads Bang, and Mads Friis Jensen, Blue World Technologies is the developer and manufacturer of HT-PEM fuel cell components and systems for stationary and APU applications and the automotive and heavy-duty transportation sectors around the world. The fuel cells act as a green alternative to combustion engines and diesel generators. As a part of the Power-to-X eco-system the methanol fuel cell technology contributes to solving parts of the green transition that cannot be solved by direct electrification and battery technology alone. Blue World Technologies’ fuel cells run primarily on methanol – a renewable liquid fuel that can simply and cost-effectively be stored for years and transported worldwide while reusing existing infrastructure.
“Maritime shipping is a critical component of our global economy, but it contributes 1 billion metric tons of carbon emissions each year,” said Carmichael Roberts of Breakthrough Energy Ventures. “We see a real opportunity in bringing methanol fuel cells to the maritime sector as a very promising avenue for reaching net-zero CO2 emission quickly. Blue World Technologies has found a unique way to offer marine transportation operators a climate friendly solution with an attractive total cost of ownership.”
“On the quest to reaching net-zero CO2 emissions, one of our greatest contributions will be within the maritime sector, where our fuel cells can play a significant role. Initially as a replacement of fossil-based auxiliary power units, and in longer-term, also for driving the propulsion”, explains Anders Korsgaard and continues:
“From the very beginning, the maritime sector has been a central topic in our dialogue with Breakthrough Energy Ventures, which goes well in hand with the sector’s growing interest for methanol as a fuel, and therefore we also see a huge potential in entering the market.”
“Maritime transport is considered one of the hard to abate sectors and represents 3-4% of EU’s total CO2 emissions,” said Mariya Gabriel, European Commissioner for Innovation, Research, Culture, Education and Youth. “This investment by Breakthrough Energy Ventures-Europe represents a significant step in realising the emission reduction potential and is fully in line with EU’s policy of boosting marine renewable and low-carbon fuels. I’m glad to see Commission’s pilot investment in Breakthrough Energy Ventures-Europe bearing fruit and I welcome further innovative, ground-breaking investments in the near future.”
European Investment Bank Vice-President Christian Kettel Thomsen said: “To solve the climate crisis, we need new innovative technologies in all areas of the economy. We welcome the investment by Breakthrough Energy Ventures-Europe in Blue World Technologies to develop methanol-driven fuel cell applications for the maritime sector. Decarbonising maritime transport is an important part of bringing global emissions down and for the EIB this is a key priority under its new Transport Lending Policy which was announced last month.”
”Being one of the early investors in Blue World Technologies, Vaekstfonden, is delighted to welcome one of the world’s leading climate impact investors – Breakthrough Energy Ventures – as co-investor”, says Christian Winther, Partner in Vaekstfonden and board member in Blue World Technologies and continues: “They will strengthen the global perspectives of climate impact even further. And we look forward to seeing our collaboration unfold in the years to come.”
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