Blue World Technologies has announced that Breakthrough Energy Ventures (BEV), founded by Bill Gates, has entered as an investor in Blue World Technologies alongside Vaekstfonden (Denmark’s sovereign wealth fund), DEUTZ AG and existing investors who invested in December 2021 to complete the company’s €37 million Series B funding round.
As part of the Breakthrough Energy Ventures investment – partially funded by Breakthrough Energy Ventures and Breakthrough Energy Ventures-Europe (BEV-E) – Blue World Technologies welcomes Allegra Kowalewski-Ferreira, a highly qualified and experienced investment professional from within the board of directors.
The Series B funds will be used to increase fuel cell production as well as invest in the development of methanol fuel cell applications for the marine sector. At the end of 2021, the company internalized all production of core fuel cell components and is currently in pre-series production.
As a flexible power solution, Blue World Technologies’ methanol fuel cell system can be used for auxiliary power, for smaller generator sets or larger power units in the megawatt range, or for propulsion depending on the type of vessel and the customer’s needs.
Later this year, Blue World Technologies will start mass production and with further scale-up, the company expects to reach 500 MW production capacity within a few years.
Shipping is a vital part of our global economy, yet it contributes 1 billion metric tons of carbon emissions every year. We see a real opportunity in the introduction of methanol fuel cells in the maritime sector as a very promising path to net zero CO2 issue quickly. Blue World Technologies has found a unique way to offer shipping operators a climate-friendly solution with an attractive total cost of ownership.
—Carmichael Roberts of Breakthrough Energy Ventures
Breakthrough Energy Ventures-Europe was created by the European Commission, the European Investment Bank (EIB) and Breakthrough Energy Ventures to invest in innovative European companies and bring radically new clean energy technologies to market.