Breakthrough Energy Ventures backs Blue World Technologies by joining its €37m Series B

With high-efficiency methanol fuel cells, Blue World Technologies is paving the way for the competitiveness of renewable e-fuels.

AALBORG, Denmark, August 30, 2022 /PRNewswire/ — Today, Blue World Technologies announced that Breakthrough Energy Ventures (BEV), founded by Bill Gates, is joining as an investor in Blue World Technologies alongside Vaekstfonden (the sovereign wealth fund of Denmark), DEUTZ AG, and existing investors who have reinvested in December 2021 to complete the company’s €37 million Series B funding round. As part of the Breakthrough Energy Ventures investment – ​​funded in part by Breakthrough Energy Ventures and Breakthrough Energy Ventures-Europe (BEV-E) – Blue World Technologies welcomes Allegra Kowalewski-Ferreiraa highly qualified and experienced investment professional to their Board of Directors.

The Series B funds will be used to increase fuel cell production as well as invest in the development of methanol fuel cell applications for the marine sector. At the end of 2021, the company internalized all production of core fuel cell components and is currently in pre-series production. Later this year, Blue World Technologies will start mass production and with further scale-up, the company expects to reach 500 MW production capacity within a few years.

“As the world’s leading venture capital fund for innovation and green technologies, we are honored to welcome Breakthrough Energy Ventures as a shareholder. It is in our DNA for both of us to set ambitious goals to make a difference in the world and we look forward to pursuing these goals together,” says the co-founder and managing director, Anders Korsgaardby Blue World Technologies.

We are facing a global climate crisis, and the only way out is to reach net zero CO2 emissions. In 2018, Anders Korsgaard, mad blowand Mads Friis Jensen founded Blue World Technologies to contribute to this mission, and since then the company has worked determinedly on the industrialization of methanol fuel cell technology through R&D and large-scale production. Fuel cells act as an alternative to fossil combustion engines, and with high energy conversion, methanol fuel cells enable cost effective use of renewable e-fuels such as methanol.

“Shipping is a vital part of our global economy, yet it contributes 1 billion metric tons of carbon emissions every year,” said Carmichael Roberts of Breakthrough Energy Ventures. “We see a real opportunity in the introduction of methanol fuel cells in the maritime sector as a very promising path to net zero CO2.2 issue quickly. Blue World Technologies has found a unique way to offer shipping operators a climate-friendly solution with an attractive total cost of ownership.”

“Striving to achieve net zero CO2 emissions, one of our biggest contributions will be in the maritime sector, where our fuel cells can play an important role. Initially as a replacement for fossil fuel-based auxiliary power units, and in the longer term also to drive propulsion,” Explain Anders Korsgaard and carry on : “From the very beginning, the maritime sector has been a central topic in our dialogue with Breakthrough Energy Ventures, which goes well with the sector’s growing interest in methanol as a fuel, and so we also see huge potential in the entry on the market .”

“Maritime transport is considered one of the sectors difficult to reduce and represents 3-4% of the total CO of the EU2 emissions”, said Marie-GabrielEuropean Commissioner for Innovation, Research, Culture, Education and Youth. “This investment from Breakthrough Energy Ventures-Europe represents an important step in realizing the potential for reducing emissions and is fully in line with EU policy to boost renewable and low-carbon marine fuels. I am delighted to see the Commission’s pilot investment in Breakthrough Energy Ventures-Europe paying off and I look forward to more innovative and game-changing investments in the near future.”

Breakthrough Energy Ventures-Europe was created by the European Commission, the European Investment Bank (EIB) and Breakthrough Energy Ventures to invest in innovative European companies and bring radically new clean energy technologies to market. It was created to support Europe the best clean energy entrepreneurs whose solutions can lead to significant and lasting reductions in greenhouse gas emissions – Blue World Technologies and this investment in the company are one example.

Vice President of the European Investment Bank Christian Kettel Thomsen said: “To solve the climate crisis, we need innovative new technologies across all areas of the economy. We welcome Breakthrough Energy Ventures-Europe’s investment in Blue World Technologies to develop methanol fuel cell applications for the The decarbonisation of maritime transport is an important part of reducing global emissions and for the EIB it is a key priority under its new lending policy in the transport sector, announced on last month. “

One of the first investors, Vaekstfonden, is delighted to welcome Breakthrough Energy Ventures:

“As an early investor in Blue World Technologies, Vaekstfonden is delighted to welcome one of the world’s leading climate impact investors – Breakthrough Energy Ventures – as a co-investor”said Christian Winterpartner of Vaekstfonden and member of the board of directors of Blue World Technologies and continues: “They will further strengthen the global outlook for climate impact. And we look forward to seeing our collaboration unfold in the years to come.”

One of the biggest challenges to ensuring a net zero future lies in the maritime sector, where direct electrification is not an option due to operational requirements. With an annual CO2 reduction potential of 1.8 Gt in 2050, new technologies and new fuels are essential. Especially in the past year, the use of renewable methanol as a transportation fuel has become a global trend, with methanol-powered ships, cruise ships and large ocean-going container ships being built. Blue World Technologies fuel cell systems enable eco, CO2– neutral operation with zero particle output. As a flexible power solution, the system can be used for auxiliary power, for smaller generator sets or larger power units in the megawatt range, or for propulsion depending on the type of vessel and customer needs.

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