Deutz closes on Blue World Technologies stake
By Mike Brezonick15 December 2021
Deutz AG announced it has completed its due diligence of Blue World Technologies, completing the first of two planned share purchase in the Danish fuel cell specialist. The second purchase is expected to follow in the first half of 2022, Deutz said, subject to customary closing conditions and regulatory approval.
Deutz will be investing a total of €7.5 million to take an 11.91% stake in the company. Blue World, which is based in Aalborg, Denmark, develops, manufactures and sells fuel cell stacks, reformers, and systems. The collaboration is centered around an exclusive agreement for the distribution and servicing of stationary fuel cell gen-sets that will be powered by methanol.
“The investment in Blue World Technologies, is a perfect fit for our sustainable growth strategy,” said Dr. Frank Hiller, Deutz CEO. The company’s investment, made along with an investment by Vaektsfonden, the Danish Growth Fund, will allow Blue World to set up further automated handling processes throughout production over the course of 2022. These will increase its production capacity with a view to commencing volume production toward the end of next year.
“At the Deutz Days 21 in November, we unveiled our new ‘Green’ reporting segment to the public,” Hiller said. “We also presented the Blue World products to our customers.
“The interest we have been able to generate from this event has been overwhelming. Fuel cells that run on ‘green’ methanol will enable a faster transition to carbon-neutral operation because this is a liquid fuel compatible with existing infrastructure. Deutz is thus making further headway with new technologies that will move it beyond the conventional engine to offer climate-neutral solutions for the off-highway segment. The Blue World investment is another step along the way to achieving the growth target for our ‘Green’ segment.”
Anders Korsgaard, CEO and co-founder of Blue World Technologies, said that his company’s “collaboration with Deutz has been kicked off very well, and we have experienced a strong interest from the Deutz partners in our methanol fuel cell technologies.”
“Within the last couple of years, we have seen global market leaders invest heavily throughout the methanol value-chain, from production to utilization,” Korsgaard said. “With the increasing focus on the production of green methanol, the timing for this collaboration between Deutz and Blue World is perfect.”
You can read an in-depth interview with Dr. Hiller in the January-February issue of Diesel Progress International and the January issue of Diesel Progress. Click here for subscription information.