Blue World raises €37 million for methanol fuel for decarbonized shipping

ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, September 1 — Starting in January, most global shipping companies will be required to have their vessels’ exhaust tested and graded on the Energy Efficiency Existing Ship Index.

Denmark-based Blue World Technologies is looking to commercialize a green alternative to the gas engines and diesel generators used in large cargo ships. The company says its methanol-based fuel cell system can power even large ships using current infrastructure.

Blue World passes methanol through a “reformer” to extract the hydrogen, which is then consumed via the fuel cell. The process creates water and CO2, which Blue World compresses, stores and combines with hydrogen to make more methanol.

Clean energy transition

Breakthrough Energy Ventures Europe (BEV-E) led the $37.2 million Series B round. Other investors include Vaekstofonden, the sovereign fund of Denmark. BEV’s Carmichael Roberts called Blue World’s fuel cells “a climate-friendly solution with an attractive total cost of ownership.”

Breakthrough launched BEV-E in 2019 with €100 million from the European Investment Bank and other investors to invest in European clean energy technologies.