Blue World Technologies in a €37 million series-B backed by Breakthrough Energy Ventures, Vaekstfonden and DEUTZ AG.

Blue World Technologies, an Aalborg, Denmark-based alternative manufacturer of methanol fuel cell components and systems as a real green alternative to the combustion engine, completed series B funding round closed at €37 million ($37.1M).

The money was raised from investors led by the American backers Breakthrough Energy Ventures together with its European subsidiary Breakthrough Energy Ventures Europe, joined by existing shareholders Vaekstfonden and DEUTZ AG.

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 connection with the investment Allegra Kowalewski-Ferreira from Breakthrough Energy Ventures will join the board of directors.

Blue World Technologies, founded in 2018 by Mads Bang, CEO Anders Korsgaard and Mads Friis Jensen, is a fuel cell manufacturer with a specific focus on the transport sector. The company uses 100% methanol as fuel as fuel cell systems act as a range extender in an electric vehicle, ensuring a range of more than 1,000 km, 3-minute refueling time and zero harmful emissions.

Blue World Technologies previously raised a seed round from a Chinese strategic investor back in 2019 as well as $17 million series A in 2021.