Blue World Technologies, a fuel cell manufacturer developing systems that use 100% methanol as fuel, has closed its initial investment round, and is targeting commercial production within the next two years.
Among the company’s investors is Aiways, a Chinese EV startup which unveiled its U5 vehicle at the recent Geneva International Motor Show.
“Even though we entered the seed-round with very high ambitions, we always believed that we would succeed in getting a good start,” said Anders Korsgaard, CEO of Blue World Technologies.
“We have a great knowledge of the market and many years of experience with the technology, and from the beginning, we have received very positive statements from people in the industry. The results from the initial investment round also show that the market is mature and the potential great for ensuring methanol fuel cells a solid position in the green transition that the transportation sector is facing.”
“Our investment and interest in Blue World Technologies goes hand in hand with our overall goal of creating the next generation of sustainable vehicles,” added Alexander Klose, vice president of overseas operations at Aiways.
“Although Blue World Technologies is a new company, it is built on solid industry experience. So, we are dealing with a team that really knows what they are doing and who has made the right plan to get methanol fuel cell cars on the roads.”