Vaekstfonden and DEUTZ AG invest €15m in Blue World Technologies

With a total investment of €15m, Vaekstfonden, the Danish Growth Fund and the German engine manufacturer DEUTZ AG will enter as investors in Blue World Technologies.

The aim is to bring the company’s green fuel cell products and solutions to the global market.

In October, it was announced that Vaekstfonden and DEUTZ AG started a due diligence process with the intention to invest in the Danish fuel cell developer and manufacturer Blue World Technologies.

This process has now been completed and Vaekstfonden and DEUTZ are therefore each investing €7.5m in the company. With Vaekstfonden and DEUTZ as investors, Blue World Technologies is also in a strong position concerning a potential stock exchange listing in the future.

Since the beginning of 2021, Blue World Technologies has been working to establish a factory to produce the core components for the fuel cell stacks and systems at their headquarters in Aalborg, Denmark. During the year, the company has insourced the entire production of membranes, electrodes, and separator plates.

With the new investment, Blue World Technologies will work towards starting serial production to get the company ready to send fuel cells and systems to industries around the world.

“With a short history of only three years, we have moved quickly in many ways, and with these new investments we are now accelerating the industrialisation of our methanol fuel cell technology even more,” says Anders Korsgaard, Co-founder and CEO of Blue World Technologies. “Both Vaekstfonden and DEUTZ are really strong and experienced investors who can support Blue World, both in relation to the further development of the company, large-scale production, and with market access. We have had an exciting and good collaboration in the recent months, and we look forward to continuing exploring that”.