“Our electrolysis technologies are essential for increasing the supply of green hydrogen which is needed to decarbonize large-scale industrial enterprises,” said Managing Director Nils Aldag.

FRANKFURT:

Germany’s Sunfire, a Dresden-based cleantech firm, said on Monday it had secured 109 million euros ($ 126 million) in funding to bolster its role in growing markets for green hydrogen derived from sources renewables such as wind or solar.

Sunfire, an electrolysis plant maker, whose shareholders are Total and Neste, said the money was raised from Lightrock private investor Planet First Partners (PFP), based in London, Carbon Direct, New York-based and UK-based HydrogenOne Capital which is backed by the chemicals and energy group INEOS.

Goldman Sachs Bank Europe served as Sunfire’s exclusive financial advisor and placement agent, he said. “Our electrolysis technologies are essential for increasing the supply of green hydrogen which is needed to decarbonize large-scale industrial enterprises,” said Managing Director Nils Aldag.

The European Union and Germany aim to create a “green” hydrogen industry based on non-fossil sources as part of their decarbonisation strategy.

Electrolysers are a crucial part of this industry as they use electric current from wind and solar power plants to split water into hydrogen and oxygen. Thus, surplus renewable electricity production can be stored in gas networks and caves, and hydrogen can be used in industry, energy, heating buildings or powering battery-powered vehicles. fuel.

Conventional or “gray” hydrogen is currently produced in a different process using fossil fuels, and serves a smaller range of industrial applications than one might think once its green counterpart hits large scale.

In October, Sunfire announced that it would increase its annual production capacity of alkaline electrolyzers to at least 500 megawatts (MW) per year by 2023, from 40 MW currently. The demand for electrolysis capacity in the EU is expected to reach 40,000 MW by 2030, compared to less than 1,000 MW currently, he said.

Sunfire has expertise in both alkaline pressure electrolysis and the high temperature electrolysis method, known as Solid Oxide Electrolyser (SOEC) cells, equipping it to meet a range of different use cases. .

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