The Denmark-based developer and manufacturer of methanol fuel cells, Blue World Technologies, has completed its Series B funding round by attracting a large investment from Breakthrough Energy Ventures (“BEV”), the Bill Gates-founded world-leading venture fund within innovation and green technologies.
The investment from BEV along with certain existing shareholders, including the Danish Growth Fund (Vækstfonden), brings Blue World Technologies’ total Series B fundraise to approx. EUR 37m (DKK 275m). The series B funds will be used for scaling the company’s fuel cell production as well as investing in the development of methanol-driven fuel cell applications for the maritime sector.
Blue World Technologies develops and manufactures methanol fuel cells as a green alternative to traditional combustion engines and generators and is currently in pre-series production. Later this year, Blue World Technologies will launch series production, and with further scaling, the company expects to reach a production capacity of 500MW within a couple of years.
Breakthrough Energy Ventures was founded in 2015 by Bill Gates and other prominent investors with an aim to accelerate innovation in sustainable energy and other technologies to reduce greenhouse gas emissions. BEV’s investment in Blue World Technologies is partly funded by Breakthrough Energy Ventures-Europe (BEV-E), a pilot fund created in 2019 as a partnership between Breakthrough Energy Ventures and the European Commission (EC) to invest in groundbreaking technologies to decarbonise every part of the economy.
Accura advised Blue World Technologies in connection with the investment.
Photo: Blue World Technologies