Series D: Euro 86 million for electrolysis specialist Sunfire
Dresden/ Solingen/ Zug (CH)/ The electrolysis company Sunfire has received EUR 86 million from investors. Participants in the expanded Series D financing round include Copenhagen Infrastructure Partners (CIP), through its Copenhagen Infrastructure Energy Transition I fund, and Blue Earth Capital. Sunfire thus increases its Series D capital raising to a total of €195 million ($215 million). In addition, CIP is entering into an agreement with Sunfire to purchase pressurized alkaline electrolysers with a total capacity of up to 640 MW for use in its multi-GW power-to‑X projects across Europe.
Up to 640 MW electrolysis for CIP
Through its Copenhagen Infrastructure Energy Transition Fund I, CIP is supporting Sunfire in the industrialization of its hydrogen technologies. The fund company is one of the world’s largest project developers for renewable energies and is active in the areas of offshore wind power, energy storage and power-to‑X, among others.
To implement its planned power-to‑X projects, CIP needs reliable, industrial electrolysis plants. The availability of these is still very limited worldwide. In a framework agreement, the project developer therefore also secures access to electrolysis capacities from Sunfire. In the coming years, CIP plans to purchase pressurized alkaline electrolysers with a total capacity of up to 640 MW and use them in its multi-GW projects throughout Europe.
“This agreement adds huge value for all parties involved,” says Sunfire CEO Nils Aldag. “CIP can rely on our advanced alkali electrolysers and on our dedicated team of experts — at the same time demonstrating that we are a reliable partner for gigawatt-scale projects.”
Investment company BlueEarth contributes capital and expertise
As part of its climate strategy, BlueEarth is also partnering with Sunfire. The globally active investment company was founded by the Swiss Partners Group and built up with its support. Urs Wietlisbach (photo) is Co-founder & Chairman Blue Earth Capital AG and Co-Founder Partners Group AG.
BlueEarth places a high value on being involved beyond its investment. To support Sunfire in its growth, the new partners are therefore contributing their entrepreneurial experience and expert knowledge around the topic of growth and climate protection.
Sunfire is a leading global electrolysis company that designs and manufactures industrial electrolyzers based on alkali and solid oxide technologies (SOEC). With its electrolysis solutions, Sunfire is addressing the key challenge of today’s energy system: the provision of green hydrogen and synthesis gas as a climate-neutral substitute for fossil energy. Sunfire’s innovative and proven electrolysis technologies enable the decarbonization of industrial sectors that today are still dependent on oil, gas or coal. The company employs more than 370 people at locations in Germany and Switzerland. www.sunfire.de
About Copenhagen Infrastucture Partners
Copenhagen Infrastructure Partners P/S is the world’s largest specialized fund manager for greenfield investments in renewable energy and a global leader in offshore wind. At COP26, CIP announced a goal and roadmap to strengthen and accelerate its role in implementing the energy transition by supporting green energy investments with €100 billion by 2030.
CIP manages nine funds and has approximately €16 billion in assets under management focused on investments in energy infrastructure — including offshore wind, onshore wind, photovoltaic, biomass and energy from waste, transmission and distribution, reserve capacity and storage, and other energy assets such as power-to‑X. Today, the CIP funds have about 100 international institutional investors from the Nordic countries, continental Europe, the United Kingdom, Israel, Asia, Australia and North America, as well as multilateral organizations such as the EIB. CIP employs around 300 people and has offices in Copenhagen, London, Hamburg, Utrecht, New York, Tokyo, Singapore and Melbourne. The investment in Sunfire will be part of CIP’s Energy Transition Fund I, which focuses on power-to‑X and other next-generation renewable technologies to facilitate the decarbonization of hard-to-delete sectors such as steel, agriculture and transportation. www.cip.dk
About Blue Earth Capital
Blue Earth Capital is a global impact investment firm headquartered in Zug, Switzerland, with offices in London, New York and Singapore. Blue Earth Capital invests in companies that address pressing environmental and social challenges while operating profitably. Blue Earth Capital was initiated in 2015 by Urs Wietlisbach, one of the founders of Partners Group, and is supported by the Ursimone Wietlisbach Foundation. Blue Earth Capital was built with the help of Partners Group and leverages its experience as a leading global private markets firm. www.blueearth.capital
About Carbon Direct Capital Management
Carbon Direct combines scientific expertise, technology and financial capital to grow carbon management into a global industry. Our investment business — Carbon Direct Capital Management LLC — makes direct investments in leading technology companies in the carbon management sector. Our consulting company — Carbon Direct Inc. — supports corporate customers with carbon management solutions. Carbon Direct’s team is made up of world-renowned carbon scientists who have a deep understanding of the risks and opportunities of carbon technologies. The company has offices in New York City and Seattle.
For more information, visit www.carbon-direct.com
Advisor to CIP: Hengeler Mueller
The firm was represented by partners Dr. Jens Wenzel (Venture Capital/M&A, Berlin) and Hendrik Bockenheimer (Labor Law, Frankfurt), counsel Fabian Seip (Intellectual Property/IT), Alexander Bekier (Corporate/M&A) and Dr. Moritz Rademacher (Energy Law, Düsseldorf) as well as associates Theresa Scharff, Dr. Björn Brauer, Ciro D’Amelio (all Venture Capital/M&A, Berlin) and Mona Geimer (Labor Law, Frankfurt).