HydrogenOne backs Sunfire – HydrogenOne Capital Growth has committed to its first private equity investment of €24m (£20m) in Sunfire GmbH, a leading electrolyser producer, for a minority equity stake. HydrogenOne has the right to a board observer seat at Sunfire, and intends to collaborate with Sunfire on the roll-out of future hydrogen manufacturing projects.
HydrogenOne’s investment in Sunfire forms part of a €109m fundraising round, introducing other new investors including Planet First Partners, Lightrock and Carbon Direct Capital Management, alongside existing strategic investors.
Sunfire is a leading manufacturer of alkaline and solid oxide electrolysers, which can be deployed to manufacture clean hydrogen in carbon-intensive sectors that are currently reliant on fossil fuels for energy and hydrogen supply. In addition, Sunfire produces fuel cell solutions for off grid power and heating markets.
Electrolysis, using renewable electricity, is a key process in the manufacture of clean hydrogen, which can be used to reduce greenhouse gas emissions in heavy industry, transport, heating and power generation. In the EU alone, current policies call for 80GW of electrolysis by 2030, compared to less than 1 GW today.
Sunfire has recently announced plans for the rapid deployment of its pressurised alkaline electrolysis technology, building a large-scale electrolyser production site in Germany, with an annual manufacturing capacity of 500 MW by 2023. With this fundraise, Sunfire intends to significantly expand its electrolyser manufacturing capacity to multi-gigawatt scale in the coming years. In addition, Sunfire is pioneering the use of its proprietary solid oxide technologies to manufacture of clean ‘e-fuels’, which can be used in jet aviation, through ownership in industry joint ventures.
HGEN : HydrogenOne backs Sunfire