Loan financing from the Danish Green Investment Fund will contribute to Blue World Technologies’ transition from pre-series production to actual series production this year. With large-scale production, the company looks forward to contributing to the global green transition.
Many major steps need to be taken to meet global climate goals, and this requires upscaling on many fronts. With loan financing of 7.5 million EUR from the Danish Green Investment Fund, Blue World Technologies can take the last steps towards the start of series production of methanol fuel cells. Over the past year, Blue World has been working on building a large-scale production of methanol fuel cells that serve as a green alternative to the internal combustion engine and diesel generator. The in-house production of the last components was insourced in the autumn of 2021, and Blue World Technologies is now working determined on streamlining and upscaling the production, which is supported by the new capital injection.
Efficient use of Power-to-X fuels
The road to green alternatives to fossil fuels includes indirect electrification via Power-to-X where electricity is transformed into hydrogen and other green fuels like methanol. This has just been stated by the Danish government in a broad agreement on contribution to the expansion of production and use of Power-to-X in Denmark. This announcement came shortly after the EU Commission, in the wake of the situation in Ukraine, stated that we in the EU quickly need to switch to renewables and hydrogen combined with more energy efficiency to become energy independent.
The Power-to-X fuels, including methanol, can be used in the shipping industry and elsewhere in heavy transport, where direct electrification is not sufficient. The transition of these sectors is necessary to achieve the global goals of CO2 reduction. Both in Denmark, but also around the world, new Power-to-X productions are being launched, and with major industrial players such as Maersk at the forefront, the focus is increasing on both production and use of green fuels.
Blue World’s fuel cell technology not only enables the use of methanol as a green alternative in these sectors but does so in an efficient and clean way. Measured against fossil fuels, there is an additional cost for green fuels, a so-called green premium. For the use of green fuels to become competitive, it requires that production is increased, and production costs are reduced, but also that you get the most out of the fuels. With high electrical efficiency, Blue World Technologies’ fuel cells will in the short term contribute to reducing the additional cost associated with the use of green fuels and in the long term eliminate it completely. In addition, the fuel cells ensure clean operation without NOx, SOx and particles – for the benefit of both our climate and the environment.