Blue World raises €6.4m for methanol fuel cell factory

Blue World raises €6.4m for methanol fuel cell factory

Business news |
By Nick Flaherty

The methanol fuel cell company has signed a leasing agreement a new production building at the Port of Aalborg.

Besides the larger investors in the round, including Chinese car maker AIways, Blue World Technologies also opened the opportunity for smaller investors to join, signing investments with 50 smaller investors each with a subscription with a minimum of €15,000.

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

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 Korsgaard.

“One of the most crucial elements we have been working on these past two years is bringing down the production time and costs of the fuel cell components. We have now reached a point which enables us to move one step closer towards commercialising the technology to be able to compete with conventional technologies,” he said.

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.

Meanwhile, 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.

Methanol fuel cell technology has potential in several markets such as maritime, heavy-duty, stationary, and passenger vehicles, he says, and Blue World aims to partner in each market.

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