German electrolyzer manufacturer Sunfire announced today that it has raised €315 million (USD$342 million), including €215 million in a Series E equity financing round, and a term loan of up to €100 million provided by the European Investment Bank (EIB), with proceeds aimed at accelerating the growth and industrialization of its green hydrogen technologies.
Founded in 2010, Dresden-based Sunfire produces industrial electrolyzers aimed at addressing a key clean energy challenge of providing renewable hydrogen and syngas as climate-neutral substitutes for fossil energy. The company’s electrolyzers utilize pressurized alkaline and high-temperature solid oxide (SOEC) electrolysis technologies, offering a scalable and efficient means of producing green hydrogen and syngas from renewable electricity, water steam and captured CO2.
Sunfire said that it plans to install several gigawatts of electrolysis equipment by 2030 in large-scale green hydrogen projects, with the financing boosting its role in ramping up the hydrogen economy.
Sunfire CEO Nils Aldag said:
“This substantial financing round is good news for Europe’s leading role in hydrogen production and for the European clean-tech industry. I am delighted to welcome additional investors backing our vision, product offering, and capabilities to deliver industrial electrolyzers at pace and scale. With this new capital, we are uniquely positioned to further accelerate our company’s growth and industrialization plans to meet the fast-growing demand for electrolysis technologies.”
LGT Private Banking, GIC, Ahren Innovation Capital, and Carbon Equity join the round as new investors while existing shareholders including Lightrock, Planet First Partners, Carbon Direct Capital, the Amazon Climate Pledge Fund, and Blue Earth Capital increased their investment in Sunfire. Sunfire also has access to approximately €200 million from previously approved, undrawn grant funding to support its growth.
Nicola Beer, Vice President European Investment Bank said:
“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.”