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Sunfire plans to expand the production of green hydrogen
German startup Sunfire has secured €500 million in funding. New investors in the startup include LGT Private Banking, Carbon Equity and GIC. Existing partners, including Lightrock, Amazon Climate Pledge Fund and Blue Earth Capital, participated in the round. In addition to the abovementioned amount, Sunfire received a €100 million loan from the EIB Bank.
Sunfire operates in the promising field of climate change mitigation. It develops sustainable hydrogen-based solutions and manufactures electrolysers.
In the context of efforts to reduce carbon dioxide emissions, investors are showing interest in Sunfire and other startups in this sector. The company has received an additional incentive to develop the technology thanks to the European Investment Bank’s support programme. The bank is implementing a programme to expand green technologies. The EIB initiative includes the production of solid oxide electrolysers, which Sunfire specialises in. In addition to the funding round, the company is also eligible for a €200 million grant. This was approved earlier, but the startup has not yet had time to use the funds.
Sunfire’s plans
The company is developing well and is not afraid to set ambitious targets. By 2030, Sunfire plans to have installed its electrolysis facilities with a capacity of several gigawatts. This will be for diesel-hydrogen production and will be part of several large-scale projects. In such a way, the company aims to become a leader in the sector and gain a foothold in a promising market. This investment will be part of the company’s leadership strategy in this field.
The company’s founders are Carl Berninghausen, Nils Aldag and Christian von Olshausen. They founded the company in 2010 as a project to develop industrial electrolysers. Sunfire’s solutions include:
- SOEC technology, an electrolysis process for producing hydrogen and oxygen from water using solid oxide electrolysis cells;
- the ability to use electrolysis to transform carbon-intensive industries that use oil, coal and gas as feedstocks;
- the company’s approach enables the production of renewable hydrogen and synthesis gas to replace fossil fuels.
Nils Aldag believes Sunfire’s solution is well-positioned to take green technology to the next level. In this case, support from the EU and venture capital is essential. An important issue for the industry is the transition to sustainability in energy-intensive industries. The company sees the use of green hydrogen as one of the most effective ways to make this transition.
Sunfire is one of the largest producers of green fuels in Germany. The company is ready to offer its solution to other countries in Europe and the world. To this end, it is developing an international market entry strategy with the support of investors and the EU government.