Sunfire is a global leader in the development and production of industrial electrolyzers, which produce green hydrogen.

Sunfire is a global leader in the development and production of industrial electrolyzers, which produce green hydrogen.

Key details

Environmental - Decarbonization
Private equity - Direct investment

Key metrics

Investment date
March 2022
Target SDGs
Affordable and clean energy (SDG 7), Industry, innovation, and infrastructure (SDG 9), Responsible consumption and production (SDG 12), Climate action (SDG 13)
Impact KPIs
Avoided GHG Emissions, Number of green jobs created

Green hydrogen is widely recognized as a core pillar of the net zero transition. It is expected to play a critical role in decarbonizing a range of hard-to-abate sectors, including carbon intensive industrial processes such as chemicals manufacturing and steel production, and heavy transportation including long-distance road haulage, shipping and aviation. Its unique properties as an energy storage medium also allow green hydrogen to become a key enabler for renewables-based electricity grids.

Sunfire is a global leader in industrial electrolysis solutions for the production of green hydrogen. It is a leading manufacturer of pressurized alkaline electrolyzers, an established solution to use electricity to split water into hydrogen and oxygen. It is also a frontrunner in developing solid oxide electrolyzers, which have the potential to generate green hydrogen at a much higher efficiency than conventional technologies. Sunfire is backed by leading strategic investors including Neste and SMS Group – global leaders in renewable fuels and steel. Since BlueEarth’s investment, Sunfire has reached several important milestones:

  • Current technology – Sunfire successfully delivered industrial electrolyzers for hydrogen projects across several sectors, including a 20 MW alkaline system for Finland’s first large-scale green hydrogen production plant of P2X Solutions. Sunfire is winning increasingly large orders, such as a 100 MW alkaline project for a leading European refinery.
  • Next generation technology – The company installed the world’s first multi-megawatt high-temperature solid oxide electrolyzer (2.6 MW) in an industrial environment at Neste’s renewable products refinery in Rotterdam.
  • Financial leadership – Sunfire has secured more than EUR 800 million in private and public funding to accelerate its growth, making Sunfire one of the best capitalized electrolyzer manufacturers in the industry.
  • Peer recognition – Sunfire was inducted into the Global CleanTech 100 Hall of Fame, having been recognized for seven straight years in the Global CleanTech’s list of 100 most innovative and promising companies contributing to the net zero transition.

Though green hydrogen is now widely acknowledged as being critical to the net zero transition, the sector is still relatively nascent and significant challenges remain to scale the industry at the pace required. “BlueEarth’s investment in Sunfire is about more than just capital. In particular, BlueEarth’s expertise in the climate space and in helping companies achieve global scale are instrumental in Sunfire navigating and capitalizing on our transformational growth,” explains Nils Aldag, Sunfire CEO and co-founder.

BlueEarth, via its board participation, has been active in supporting the commercial success and growth of the business. This has included advising on the company’s strategy, financing choices, senior hiring decisions and sustainability program.

As a global champion in a strategically critical sector, Sunfire fully understands the importance of impact and sustainability. “We are building an ambitious sustainability program, and we value the guidance and support that BlueEarth has provided us. Not only is sustainability core to our own values, but it’s also important to our customers and other partners that we work with,” says Head of Sustainability Tilo Suckow.

BlueEarth has worked closely with Sunfire as part of a sustainability working group with other co-investors to help develop the company’s sustainability strategy and provide ongoing implementation support, including through an on-site workshop and regular engagements. Key focus areas of the program have included the company’s climate impact measurement methodology, lifecycle assessment of Sunfire’s alkaline electrolyzer technology, enhancing the supply chain risk management program and aligning the company’s ESG reporting to market best practices.