German electrolyzer producer Sunfire proclaimed today that it has raised €315 million (USD$342 million), together with €215 million in a Series E equity funding round, and a term loan of up to €100 million given by the EIB (European Investment Bank), with proceeds intended at accelerating the development and industrialization of its green hydrogen technologies.
Originating in 2010, Dresden-based Sunfire produces industrial electrolyzers aimed at addressing a significant clean energy challenge of offering renewable hydrogen and syngas as climate-neutral alternatives for fossil energy. The corporation’s electrolyzers utilize pressurized alkaline and high-temperature solid oxide (SOEC) electrolysis know-how, offering a scalable and efficient means of manufacturing green hydrogen and syngas from water steam, renewable electricity, and captured carbon dioxide.
Sunfire stated that its strategies to install numerous gigawatts of electrolysis equipment by 2030 in large-scale green hydrogen plans, with the financing enhancing its role in ramping up the hydrogen economy.
Sunfire CEO Nils Aldag stated that this significant financing round is good news for Europe’s foremost role in hydrogen creation and for the European clean-tech industry. They are highly delighted to welcome further investors backing their vision, product contribution, and capabilities to carry industrial electrolyzers at pace and scale. With this new investment, they are exclusively positioned to further accelerate their corporation’s development and industrialization plans to meet the aggressive demand for electrolysis technologies.”
LGT Private Banking, Ahren Innovation Capital, GIC, and Carbon Equity joined the round as new investors with prevailing shareholders together with Lightrock, Carbon Direct Capital, the Amazon Climate Pledge Fund, Planet First Partners, and Blue Earth Capital amplified their investment in Sunfire. Sunfire also has access to around €200 million from formerly approved, undrawn grant capital to support its growth.
Vice President European Investment Bank, Nicola Beer also stated that to build the green transition work for energy-intensive businesses, the growth of a green hydrogen business environment is important. Scalable, consistent, and efficient electrolyzers are a foundation.