Baar-Zug, Switzerland, March 24, 2022
Blue Earth Capital (BlueEarth) has signed an agreement to invest in Sunfire, a global leader in the development and production of industrial electrolyzers, as part of a EUR 195 million Series D funding round alongside Lightrock, Planet First Partners, Copenhagen Infrastructure Partners, Carbon Direct Capital Management, and existing shareholders. As part of the transaction, Copenhagen Infrastructure Partners has entered into a framework agreement to purchase pressurized alkaline electrolyzers from Sunfire with a total capacity of up to 640 MW.
With the European Union set to significantly increase its targets for renewable hydrogen to reduce fossil fuel dependency, key players in the energy market are rising to the challenge. The new investment and offtake agreement will allow Sunfire to rapidly expand its manufacturing capacity and scale its hydrogen technologies.
Sunfire’s innovative and proven solution address a key challenge of today’s energy system: providing renewable hydrogen as substitute for fossil energy sources. The company’s electrolyzers – based on alkaline and solid oxide technologies – enable the transformation of energy-intensive sectors such as the fertilizer, chemical, fuel, and steel industries.
Sunfire is backed by leading strategic investors including Neste and SMS Group – global leaders in renewable fuels and steel.
Nils Aldag, Co-founder and CEO of Sunfire, said: “Current political developments make us realize how quickly the green hydrogen market needs to grow. As a leading global electrolysis company, we want to make a significant contribution to European energy independence and help to fight climate change. With the funds raised, we can consistently and rapidly drive our growth in Europe.”
Kayode Akinola, Global Head of Private Equity Direct Investments at Blue Earth Capital, said: “We believe Sunfire is well positioned at the nexus 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 currently have no alternative pathways to fully decarbonize. With its leading track record in two of the most advanced electrolyzer technologies, Sunfire is poised to play a key role in fulfilling this promise. We are excited to be partnering with the Sunfire team and shareholders by providing growth capital and support to help scale operations within existing and new markets.”
About Blue Earth Capital
Blue Earth Capital AG is a global impact investment firm headquartered in Zug, Switzerland, with operations in London, New York and Singapore. Blue Earth Capital seeks to invest in businesses that address pressing environmental and social challenges, whilst generating market-rate financial returns. Initiated in 2015 by Urs Wietlisbach, one of the founders of Partners Group, and backed by the Ursimone Wietlisbach Foundation, Blue Earth Capital has been incubated by and built up with the support of Partners Group, leveraging its experience as a leading global private markets firm.
For further information please visit www.blueearth.capital
About Sunfire
Sunfire GmbH is a global leader in the production of industrial electrolyzers based on alkaline and solid oxide (SOEC) technologies. With its electrolysis solutions, Sunfire is addressing a key challenge of today’s energy system: providing renewable hydrogen and Syngas as climate-neutral substitutes for fossil energy. Sunfire’s innovative and proven electrolysis technology enables the transformation of carbon-intensive industries that are currently dependent on fossil-based oil, gas, or coal. The company employs more than 370 people located in Germany and Switzerland.
For further information please visit www.sunfire.de/en/
Investor relations contact
Julia Wicklein
Phone: +41 41 784 64 02
Email: investor.relations@blueearth.capital