Blue World Technologies celebrates a successful first year

A year ago, the methanol fuel cell manufacturer Blue World Technologies saw the light of day – now, one year later, many goals have been accomplished and the company is continuing the path towards supplying a real green alternative to the combustion engine. Before production of the methanol fuel cells has even begun, Blue World Technologies has received committed orders worth a significant double-digit million euro.

It was with an ambitious mindset that Blue World Technologies was founded one year ago on 10 October 2018. The aim was to make a difference in the world by being the leading supplier of methanol fuel cells and eventually to retire the combustion engine. Since then, the company has developed at rapid speed and reached many milestones during the first year:

• The Blue World Technologies team has grown rapidly over the past year from consisting of the three founders – Anders Korsgaard, Mads Bang, and Mads Friis Jensen – to now counting 41 people. The team includes experts from all over the world, representing 10 different nationalities, and has an accumulated fuel cell experience of more than 200 years.
• Since the company was founded, interest has been enormous, and the company has received many positive statements from the industry. In early spring 2019, Blue World Technologies closed a successful seed-round investment of approximately 7 million euro.
• In June 2019, Blue World Technologies signed a partnership agreement with world-leading supplier of intelligent production equipment, Wuxi Lead Intelligent Equipment Co., Ltd., as key supplier of the fuel cell production setup.
• Blue World Technologies has, in collaboration with Chinese electric car manufacturer and shareholder AIWAYS, developed a methanol fuel cell system for the AIWAYS U5 electric vehicle, and the system design for the first prototypes has been completed.
• For the Gumpert Nathalie – a road-legal, electric super sports car with racing performance powered by methanol fuel cells – Blue World Technologies is working closely with the Gumpert R&D team to develop the next-generation fuel cell system for the car.
• In August 2019, Blue World Technologies acquired 15 per cent of Danish Power Systems, a highly recognised developer and manufacturer of MEA-technology for fuel cells in order to secure extensive technical know-how and fuel cell manufacturing experience.
• During the first year at Blue World Technologies, the primary focus has been on the development of the core fuel cell components and the supply chain for the methanol fuel cell components has been secured.
• In September 2019, the ground was broken for the construction of the world’s largest methanol fuel cell factory at the Port of Aalborg. The factory will have a yearly capacity of 750 MW equivalent to 50,000 methanol fuel cell units. The production is expected to start in late Q3 2020 and ramp-up to reach full production in 2023-24. The production will primarily focus on the key fuel cell components such as the bipolar plates, membranes and electrodes.
• In October 2019, Blue World Technologies received committed orders worth a significant double-digit million euro.

“The past year has been an amazing journey. We have managed to gather a strong team of highly skilled experts within fuel cell technology as well as entered in partnerships with leading companies within e-mobility and fuel cell production making us ready to take the methanol fuel cell technology to large-scale commercial production. Looking back at the first year with Blue World Technologies, we are proud to say that we have been able to reach the very ambitious goals that we set a year ago and we are now looking forward to continuing the development of the company towards our long-term goals”, says Anders Korsgaard, CEO at Blue World Technologies.

Currently, the company is in the process of the A-round investments for which Blue World Technologies has engaged Deloitte Financial Advisory as exclusive financial adviser. The A-round is planned to close at the end of this year or at the beginning of next year and is expected to raise investments of approximately 25 million euro. The company is currently closing a pre-signing round on the request of many individuals and holding companies.

Blue World Technologies continues the growth and is expected to reach more than 500 employees when the fuel cell production is at full capacity in 2023-24.

In the first half of 2020, the initial testing of cars with the Blue World Technologies methanol fuel cell system will be carried out.