Sunfire secures €109 million investment to accelerate growth of green hydrogen technology – pv magazine International
The leading manufacturer of industrial electrolyzers plans to expand its alkaline electrolysis business with the construction of a large-scale production site in Germany that will have an annual manufacturing capacity of 500 MW by 2023, with further expansion at the gigawatt scale already in the pipeline.
German chlorinator maker Sunfire has secured €109 million ($125 million) in new funding in its Series D funding round from a consortium of investors led by Lightrock and a shares backed by the Princely House of Liechtenstein and its asset management group LGT, and Luxembourg-Planet First Partners.
Sunfire co-founder and CEO Nils Aldag said the investment “marks the largest capital raise by a private company focused on green hydrogen to date.”
The company plans to use capital to build the first in a series of giga-production plants and bring its advanced pressurized solid alkali oxide electrolysis (SOEC) technologies to industrial scale, creating capacity of major electrolysis for its customers.
“Our electrolysis technologies are key to increasing the supply of green hydrogen that is needed to decarbonize large-scale industrial enterprises,” Aldag added. “Europe is becoming a global leader in the hydrogen sector, and Sunfire plans to be a frontrunner by delivering world-class technology at scale.”
Sunfire recently announced plans to expand its alkaline electrolysis business and build a large-scale electrolyzer production site in Germany with an annual manufacturing capacity of 500 MW by 2023, with further expansion to Germany. gigawatt scale already being planned.
Describing its SOEC electrolyzers as “game-changing”, Sunfire predicts the technology will change the scale of hydrogen production through greater efficiency and its unique ability to produce syngas. A mixture of hydrogen and carbon monoxide, syngas can be converted into anything currently produced from crude oil, such as jet fuel, diesel or waxes, but without the harmful emissions resulting from the use of fossil raw materials.
“Sunfire’s unique technologies will lower the costs of producing green hydrogen, helping to establish a competitive hydrogen value chain and further expand the range of industries that can economically decarbonize,” said Lightrock Partner Kevin Bone. . “The many net zero goals set by businesses and governments cannot be achieved without dramatic scale-up of green hydrogen production and adoption, which Sunfire will play a critical role in facilitating.”
Frédéric de Mévius, Managing Partner of Planet First Partners, added: “Green hydrogen has enormous potential to reduce global carbon emissions by at least 10%. Sunfire’s groundbreaking electrolysis technologies, scaling manufacturing capabilities, and global drive its leadership team brings to market will benefit the scale-up and use of green hydrogen in applications. industrial and transportation.
New York-based Carbon Direct Capital Management and London-based HydrogenOne Capital, along with existing Sunfire shareholders, also joined in the latest investment round.
This content is copyrighted and may not be reused. If you wish to cooperate with us and wish to reuse some of our content, please contact: [email protected]