These funds will further boost the company's critical role in ramping up the hydrogen economy. The Series E transaction is subject to customary regulatory approvals and is expected to close in Q2 2024. Sunfire has welcomed LGT Private Banking, GIC, Ahren Innovation Capital, and Carbon Equity as new investors.
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.
“This substantial financing round is good news for Europe’s leading role in hydrogen production and for the European clean-tech industry” said Sunfire CEO Nils Aldag. “With this new capital, we are uniquely positioned to further accelerate our company’s growth and industrialisation plans to meet the fast-growing demand for electrolysis technologies. 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 electrolysers. 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’s pressurised alkaline and high-temperature solid oxide electrolysis technologies offer a scalable and efficient means of producing green hydrogen. The company is targetting the installation of several gigawatts of electrolysis equipment by 2030 in large-scale green hydrogen projects, aiming to secure a leading position in the fast-growing global electrolyser market.
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