Press release -
Blue World Technologies closes seed round with impressive result
In October last year, Blue World Technologies saw the light of day as a new player in the methanol fuel cell market for the transport sector. Since then, interest has been enormous, and the company has now closed the initial investment round with great success. The goal is a stock exchange listing within five years.
Five months ago, they were three, now the team counts 23 people, all of whom are dedicated to ensuring Blue World Technologies a good launch. But the rapidly growing number of employees does not stop here, within a year they expect that there will be 100 employees in the company, and hands and heads are needed to realise Blue World Technologies' ambitious plans. Before the end of the year, production facilities of 4,000 m2 is erected and it is expected that commercial production will already be up and running within the next two years. These plans are made possible by a successful seed-round, where the result is matching the company’s high expectations.
“Even though we entered the seed-round with very high ambitions, we always believed that we would succeed in getting a good start. We have a great knowledge of the market and many years of experience with the technology, and from the beginning, we have received very positive statements from people in the industry. The results from the initial investment round also show that the market is mature and the potential great for ensuring methanol fuel cells a solid position in the green transition that the transport sector is facing,” says Anders Korsgaard, CEO of Blue World Technologies.
Fast-growing Chinese car manufacturer is lead investor
The Chinese car manufacturer AIWAYS is among the investors who see great potential in the fuel cell technology that Blue World Technologies is working with.
About the new investment, Alexander Klose Vice, President of Overseas Operations at AIWAYS, says "our investment and interest in Blue World Technologies goes hand in hand with our overall goal of creating the next generation of sustainable vehicles. Although Blue World Technologies is a new company, it is built on solid industry experience. So, we are dealing with a team that really knows what they are doing and who has made the right plan to get methanol fuel cell cars on the roads”.
AIWAYS is also a relatively young company, but at the same time, it is a fast-growing company that already has cars on the roads in China and is well on the way to scale their production. It is expected that their cars will hit the European market within the coming year.
In addition to the investment from AIWAYS, Blue World Technologies also received investments in the seed-round from several smaller investors.
Great focus on the Chinese market
The fact that Blue World Technologies has got a Chinese car manufacturer as an investor is not coincidental. When it comes to e-mobility and sustainable energy technologies the development is huge in the Chinese market. This is due to, among other things, great political support for the green transition, which means that the transition in China is moving at high speed compared to, for example, Europe.
"What is going to happen in China will also happen in the world. They are so dominant within cleantech that we have to be present locally in the market to be able to cooperate with the right market players and to influence the direction they work in,” says Anders Korsgaard.
Besides the production facilities in Denmark, Blue World Technologies is also planning production facilities locally in China, and there will also be close cooperation with several different Chinese component suppliers.
FACTS:
- Blue World Technologies is a fuel cell manufacturer with a specific focus on the transport sector.
- Blue World Technologies' systems use 100% methanol as fuel. Methanol is a liquid fuel, available anywhere in the world, can be stored and transported as we do today with traditional fuels and can be produced as a green CO2 neutral fuel.
- Blue World Technologies' fuel cell systems act as a range extender in an electric vehicle, ensuring a range of more than 1,000 km, 3-minute refueling time and zero harmful emissions.
Blue World Technologies is an advanced developer and manufacturer of methanol fuel cell components and systems as a real green alternative to the combustion engine. Blue World Technologies is founded on extensive experience from the fuel cell industry.
The exclusive fuel for Blue World Technologies fuel cell systems is methanol. A renewable liquid fuel that simple and cost-effective can be stored for years and transported around the world, unlike other alternatives.
Blue World Technologies is focused on the High-Temperature PEM-technology combined with methanol reforming. The combination ensures a simple system design with high conversion efficiency and compliance with automotive design requirements. The end solution is a vehicle with all benefits; long range, fast refueling, zero harmful emissions, and low fuel cost.
The headquarters of Blue World Technologies is in Aalborg, Denmark which is a stronghold of highly qualified engineering within the technological area and competent industrial workforce for specialized component manufacturing. Furthermore, Blue World Technologies is planning to set up development and manufacturing activities in key markets to optimize the supply chain and ensure proximity to the customers.
Blue World Technologies is founded by Mads Bang, Anders Korsgaard and Mads Friis Jensen - all executives from the fuel cell industry with extensive experience. The company has just closed the first investment round with great success.
