Blue World Technologies has today announced that the Bill Gates-founded Breakthrough Energy Ventures invests in Blue World Technologies alongside Vækstfonden (The Sovereign Investment Fund of Denmark), DEUTZ, and existing shareholders who invested in December 2021 to complete the company’s EUR 37 million series B round. The investment from Breakthrough Energy Ventures is partly funded by Breakthrough Energy Ventures – Europe, which was established by the European Commission, the European Investment Bank, and Breakthrough Energy Ventures to invest in innovative European companies and bring radically new clean energy technologies to the market.
The series B proceeds will be used for scaling the fuel cell production as well as investing in the development of methanol-driven fuel cell applications for the maritime sector. In late 2021, the company insourced all of its production of the core fuel cell components 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 500 MW within a couple of years.
ABG Sundal Collier has acted as exclusive financial advisor to Blue World Technologies on its series B funding round.
