Dresden-based Sunfire secures €195m backstop as it fights for a greener future in Europe
As the EU prepares to dramatically increase its targets for renewable hydrogen to reduce dependence on fossil fuels, major players in the energy market are rising to the challenge. Current political developments have also made us aware of how quickly the market for green hydrogen must develop.
Join the multitude of startups in the race towards a net zero world, Dresden-based renewable energy platform sun fire raised 195 million euros by partnering with Copenhagen Infrastructure Partners (CIP) and Capital of the Blue Earth (Blue Earth). Existing investor Direct carbon capital management also increased its stake in the financing.
The developer and manufacturer of electrolyzers and fuel cells will enter into a framework agreement with CIP for its alkaline electrolysers, as well as the growth and climate impact expertise of BlueEarth.
The company is rapidly expanding its manufacturing capacity and has raised additional funds to enable the scaling up of its hydrogen technologies. He previously raised €25m in 2019 and cashed in €109m in October 2021.
Nils Aldag, CEO of Sunfire, said, “This agreement brings tremendous value to all parties involved. While CIP can rely on the most advanced smelter technology and our team of highly dedicated experts, we demonstrate our ability to deliver commercially scalable projects. »
CIP is investing in Sunfire through its Copenhagen Infrastructure Energy Transition Fund I. By partnering with Sunfire, CIP secures significant smelting capacity. Under the agreement, it will purchase pressurized alkaline electrolysers with a total capacity of up to 640 MW, to power part of CIP’s multi-GW Power-to-X project pipeline.
Global impact investing firm BlueEarth will invest through its climate growth strategy. In addition to growth capital, he brings a wealth of entrepreneurial experience, institutionalization advice and in-house climate impact expertise to support Sunfire’s next stage of growth.
Felix Pahlpartner, Copenhagen Infrastructure Partners said: “One of the key factors to reduce the cost of green hydrogen is the industrialization of the manufacture of electrolyzers and CIP plans to participate in this through partnerships and agreements- frames.
Kayode Akinola, Global Head of Direct Private Equity Investments, Blue Earth Capital said, “We believe Sunfire is well positioned at the crossroads of energy security and the net zero transition. Green hydrogen has the potential to transform some of the world’s most emissions-intensive industries, many of which have no other path to fully decarbonize.
Jonathan Goldberg, CEO of Carbon Direct, said, “We believe scaling up green hydrogen is a climate imperative. The involvement of customers like CIP is testament to the technical and commercial readiness of Sunfire’s green hydrogen solutions.