Blue World Technologies to raise €15 million from the German strategic investor DEUTZ and Vaekstfonden.

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, announced that it completed a funding round closed at €15 million ($17M).

The money was raised from the German engine manufacturer DEUTZ AG, joined by the Danish investor Vaekstfonden, each investing 7.5 million in the company.

The deal preceeds an intital strategic partnership done with the Germans which also involved due dilligence.

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.

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.