The transaction is subject to customary regulatory approvals and is expected to close in Q2 2024.
Nils Aldag, CEO of Sunfire, commented: “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.”
In addition to the new investors, existing shareholders have increased their investment in Sunfire – among them Lightrock, Planet First Partners, Carbon Direct Capital, the Amazon Climate Pledge Fund, and Blue Earth Capital.
In line with Sunfire’s commitment to financial diversification, the company has also secured a notable credit of up to €100 million from the European Investment Bank (EIB), which provides increased capacity to boost its development and industrialization of solid oxide electrolyzers.
Nils Aldag said: “The EU is rightly determined to future-proof its industry. This requires a two-pronged approach which helps energy-intensive industries decarbonize 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.”
Additionally, Sunfire has access to approximately €200 million from previously approved, undrawn grant funding to support its growth. This makes the German company one of the best capitalized electrolyzer manufacturers in the industry.
