Sunfire announces the successful completion of a substantial Series E financing round, raising EUR 215 million in equity capital. The new investment will further boost the company's critical role in ramping up the hydrogen economy. Sunfire welcomes LGT Private Bank, GIC, Ahren Innovation Capital, and Carbon Equity as new investors. The transaction is subject to customary regulatory approvals and is expected to close in Q2 2024.

Sunfire-CEO Nils Aldag says:

“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 EUR 100 million from the European Investment Bank (EIB), which provides increased capacity to boost its development and industrialization of solid oxide electrolyzers.

Nils Aldag underlines:

"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.”

Sunfire has access to approx. EUR 200 million in previously approved, undrawn grant funding to support its growth. This makes Sunfire one of the best capitalized electrolyzer manufacturers in the industry.

Sunfire’s pressurized alkaline and high-temperature solid oxide electrolysis technologies 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.

Nicola Beer, Vice President European Investment Bank:

‍“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:

"We are delighted to see Sunfire's outstanding delivery for its clients, technological leadership, and the remarkable team, recognized 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 decarbonize 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:

“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-capitalized electrolyzer manufacturers worldwide, Sunfire is uniquely positioned to meet the growing demand for innovative technologies enabling the transition and sustainability of hard-to-decarbonize industries like steel and aviation.”