Green hydrogen is a powerful vision. It’s a global necessity to beat back climate change. Working towards the growth of green hydrogen technologies, Sunfire, a German electrolyzer manufacturer, has raised over €500 million in Series E equity funding.
LGT Private Banking, GIC, Ahren Innovation Capital, and Carbon Equity are new investors in the company. They were joined by existing investors and shareholders, including Lightrock (backed AiDash and Velocys), Planet First Partners, Carbon Direct Capital, the Amazon Climate Pledge Fund, and Blue Earth Capital.
Furthermore, the company also secured a credit of up to €100 million from the European Investment Bank (EIB), which provides increased capacity to boost its development and industrialisation of solid oxide electrolyzers. Sunfire has access to nearly €200 million from previously approved, undrawn grant funding to support its growth.
Ambitious plans ahead
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. This new financing will boost the company’s role in ramping up the hydrogen economy.
Provides renewable hydrogen and syngas
Carl Berninghausen, Nils Aldag and Christian von Olshausen founded Sunfire in 2010. It specialises in the production of industrial electrolyzers based on pressurised alkaline and solid oxide (SOEC) technologies. With its electrolysis solutions, it provides renewable hydrogen and syngas as climate-neutral substitutes for fossil energy sources.
Its electrolysis technology enables the transformation of carbon-intensive industries that are currently dependent on fossil-based oil, gas, or coal.
Nils Aldag, co-founder of Sunfire stated: “The EU is rightly determined to future-proof its industry. This requires a two-pronged approach which helps energy-intensive industries decarbonise and improve the productivity and resilience of its operations, while supporting industrial clean-tech players like Sunfire to be competitive on the global stage. The EIB credit demonstrates that Sunfire can also successfully access the venture debt market. Alongside continued and growing investor backing, it is giving us the confidence to scale the production of the next generation of electrolyzers. Investments like this help move ‘Made in Europe’ from an ambition to a reality, and I am delighted about this vote of confidence in our business.”
Nicola Beer, Vice President European Investment Bank added:: “To make the green transition work for energy intensive industries, the development of a green hydrogen business environment is crucial. Scalable, reliable and efficient electrolyzers are a cornerstone. Therefore, we at the EIB are happy to support Sunfire’s innovative technology.”
Kevin Bone, Partner at Lightrock said: “We are delighted to see Sunfire’s outstanding delivery for its clients, technological leadership, and the remarkable team, recognised by these leading investors who have joined at this pivotal stage in the company’s journey. Sunfire has helped shape the hydrogen economy, delivering impactful projects that work to decarbonise some of the hardest-to-abate industries. The coming together of these stakeholders speaks to the culmination of years of hard work and underscores the immense opportunity that lies ahead for the company. Lightrock is proud to contribute to and be a part of Sunfire’s mission to accelerate the transition to a more sustainable future.”
Andreea Constantinescu, Managing Partner at Planet First Partners added: “We are proud to continue supporting Sunfire in their mission to accelerate the development of the hydrogen economy, a key component of sustainable energy systems. As one of the largest and best-capitalised electrolyzer manufacturers worldwide, Sunfire is uniquely positioned to meet the growing demand for innovative technologies enabling the transition and sustainability of hard-to-decarbonise industries like steel and aviation.”
