Sunfire, a Dresden, Germany-based electrolyzer manufacturer, secured more than EUR 500m in funding.
The funding included:
- EUR 215m raised in a Series E equity financing round. Backers included new investors LGT Private Banking, GIC, Ahren Innovation Capital, and Carbon Equity, Lightrock, Planet First Partners, Carbon Direct Capital, the Amazon Climate Pledge Fund, and Blue Earth Capital. The transaction is subject to customary regulatory approvals and is expected to close in Q2 2024.
- a term loan of up to EUR 100m provided by the European Investment Bank (EIB), and
- approx. EUR 200m from previously approved, undrawn grant funding.
The company intends to use the funds to accelerate growth and industrialization of its green hydrogen technologies.
Led by CEO Nils Aldag, Sunfire has developed pressurized alkaline and high-temperature solid oxide electrolysis technologies, which are a key enabler of the transition to renewable energy, offering a scalable and efficient means of producing green hydrogen. The company targets installing several gigawatts of electrolysis equipment by 2030 in large-scale green hydrogen projects, securing a leading position in the fast-growing global electrolyzer market.
The company employs more than 500 people located in Germany and Switzerland.
FinSMEs
05/03/2024