Blue World Technologies Holding Aps

Development in activities and financesThe income statement shows a loss of EUR 8,729t compared to a loss of EUR 2,501t for 2021, and the balance sheet shows an equity of EUR 38,120, compared to an equity of EUR 22,781t at the end of 2021.

The COVID-19 pandemic has still had some, although minor, influence on the Group during 2022, mainly by complicating customer collaboration in Asia, where there have still been severe restrictions in 2022.

As mentioned in the report from 2021, The Group closed a second tranche with Deutz A/G and Denmark’s Export and Investment Fund in addition to ensuring debt financing from Denmark’s Export and Investment Fund. In mid-2022, a capital increase was closed with Breakthrough Energy Ventures.

The FTE number have increased from an average in 2021 on 48 to more than 90 in 2022 with the biggest increase of FTEs within Operations.

Even though the start of production has been delayed in 2022, it was realized for the fuel cell stack in December 2022, and Blue World Technologies expects to realize start of production on the stationary product in second half of 2023. A large focus area for 2023 is to establish a commercial revenue, with the purpose of increasing revenue significantly in the coming years.

All in all, the progress is still satisfactory despite some delays compared to the business plan, and the Blue World Technologies Group is still on track to become world leading within producing and selling HT PEM fuel cell stacks and systems.

At year end 2022 the Group had a total cash deposit of EUR 13m. The Group has initiated talks with potential investors concerning a new investment round to be completed in 2023. Please refer to note 1 for elaboration of liquidity situation.