Sunfire secures over 500 million euros for green hydrogen technologies

Sunfire secures over 500 million euros for growth: The successful Series E financing round strengthens the Dresden-based electrolysis company and consolidates its position in the green hydrogen industry.

Dresden - The Dresden-based electrolysis company Sunfire has successfully raised 215 million euros in a Series E financing round. This amount will be supplemented by a loan of up to 100 million euros from the European Investment Bank (EIB). In addition, Sunfire will have access to approximately EUR 200 million in already approved funding. With a total of over 500 million euros, the company is now one of the most well-funded players in the electrolysis industry.

The successful financing round underlines the leading role of the European hydrogen and cleantech industry.

Nils Aldag, CEO Sunfire

Sunfire CEO Nils Aldag emphasized the importance of the financing for the company's growth and the industrialization of its technologies. The funds will be used to meet the high demand for electrolyzers and position the company as a driving force in the green hydrogen industry.

The investors

New investors such as LGT Private Banking, GIC, Ahren Innovation Capital and Carbon Equity participated in the financing round. The transaction, which is expected to close in the second quarter of 2024, is subject to customary regulatory approvals.

Existing shareholders such as Lightrock, Planet First Partners, Carbon Direct Capital, the Amazon Climate Pledge Fund and Blue Earth Capital also increased their investments as part of the Series E. The company is also relying on debt capital and secured a venture debt loan of up to EUR 100 million from the European Investment Bank. This loan supports the development and industrialization of high-temperature SOEC electrolyzers. J.P. Morgan SE acted as exclusive placement agent for Sunfire.

Green hydrogen business model

Sunfire is a world-leading electrolysis company that develops and produces industrial electrolyzers based on alkaline and solid oxide technologies (SOEC). With more than 500 employees in Germany and Switzerland, the company aims to drive the decarbonization of industrial sectors.

Sunfire's pressurized alkaline and high-temperature SOEC electrolyzers play a crucial role in the energy transition by providing a scalable and efficient method for green hydrogen production. The company aims to install several gigawatts of electrolysis plants in large-scale projects by 2030, securing a leading position in the global market for electrolysers.

The development of an industrial business environment for green hydrogen is crucial to enable energy-intensive industries to make the green transition.

Nicola Beer, EIB Vice-President overseeing financing in Germany

The European Investment Bank (EIB) sees Sunfire's support as helping to create an industrial business environment for green hydrogen. Nicola Beer, EIB Vice-President, emphasized the importance of scalable and efficient electrolysers for energy-intensive industries. Sunfire's investment helps to realize the goal of "Made in Europe" and the funds support the production of the next generation of electrolysers.