Blue World Technologies, an Aalborg, Denmark-based fuel cell system architecture company, raised €11M in Pre-C- funding round.
The round saw participation from Maersk Growth, The Export and Investment Fund of Denmark (EIFO), Cycle Group, and other new and existing shareholders.
The company intends to use the funds to expand operations and its development efforts.
Led by CEO Anders Korsgaard, Blue World Technologies provides methanol fuel cells that enable efficient conversion of methanol to electricity with an electrical efficiency of up to 65%. Furthermore, fuel cells provide the potential for internal waste heat utilisation to optimise the methanol-reforming process and for additional energy recovery that can be used onboard, improving the total system efficiency. The company’s fuel cell system architecture provides an opportunity for 100% capture of the generated CO₂ with a fuel increase of only 2-3% enabling attractive recycling business models. With an industrial approach, it has built a fuel cell factory ensuring in-house production of all the core fuel cell components alongside system development and manufacturing.
FinSMEs
06/12/2023