Sunfire, a German electrolyzer developer, has raised over EUR 500 million (~USD 543.3 million) in funding through several sources. This brings the company's total funding to EUR 918 million (~USD 997.5 million).

First, Sunfire completed a EUR 215 million (~USD 233.6 million) Series E equity financing round. Then, the company was provided with a term loan of up to EUR 100 million (~USD 108.7 million) by the European Investment Bank. The company also accessed a ~EUR 200 million (~USD 217.3 million) grant.

New investors in the Series E funding round included LGT Private Banking, GIC, Ahren Innovation Capital, and Carbon Equity while existing investors included Lightrock, Planet First Partners, Carbon Direct Capital, the Amazon Climate Pledge Fund, and Blue Earth Capital.

The company intends to use the funds to accelerate its development plans for solid oxide electrolyzers, with aims to construct multi-gigawatts of solid oxide electrolysis equipment by 2030 for large-scale green hydrogen projects.

Analyst QuickTake: This capital follows Sunfire receiving EUR 169 million (~USD 184.7 million) in grant financing from the Important Projects of Common European Interest (IPCEI) initiative in August 2023 . The company intended to use the funds to establish industrial series production of its electrolysis technologies, including setting up production in Saxony and North Rhine-Westphalia.