Sunfire has received around 500 million euros for the industrialisation of electrolysers. 215 million euros came from a Series E financing round, 100 million euros from a loan from the European Investment Bank and a further 200 million euros from previously approved funding.
Sunfire raised EUR 215 million in equity in a Series E financing round. The new investors are LGT Private Banking, GIC, Ahren Innovation Capital and Carbon Equity. According to the company, the transaction is still "subject to the usual regulatory approvals" and is expected to be completed in the second quarter of 2024.
As part of the financing round, existing shareholders have also increased their investments in the electrolyser manufacturer, including Lightrock, Planet First Partners, Carbon Direct Capital, the Amazon Climate Pledge Fund and Blue Earth Capital. In line with its diversification strategy, Sunfire is also relying on debt capital. The company has taken out a venture debt loan of up to €100 million from the EIB. The additional funds are to be used for the development and industrialisation of high-temperature SOEC electrolysers.
Electrolysis capacity: several GW by 2030
In order to finance its growth, the electrolyser manufacturer has also gained access to around €200 million in funding that has already been approved. The company has set itself the goal of installing several GW of its pressurised alkaline and high-temperature SOEC electrolysers in large-scale projects by 2030.
In August 2023, the manufacturer had already received €169 million from the German government via IPCEI funding. The year before, it received a further €60 million as part of the H2Giga programme to set up automated production for its solid oxide and alkaline pressurised electrolysers.
In February, the Dresden-based electrolysis company installed one of the largest electrolysers in Europe. Last year, the manufacturer began building a research and development centre in Dresden and started series production of electrolysers.
