• Sunfire, a German electrolyzer developer, has raised EUR 86 million (USD 94.9 million) as the second tranche of its Series D funding round co-led by Copenhagen Infrastructure Partners (CIP) and Blue Earth Capital.

• The company expects to use the proceeds to scale up its manufacturing capacity related to hydrogen technologies.

• The round was also supported by existing investor Carbon Direct Capital Management. In addition, Sunfire has also entered into an agreement with CIP to supply up to 640 MW of pressurized alkaline electrolyzers. 

• Sunfire will also supply a 20 MW electrolyzer to P2X Solutions Oy, a Finish producer of green hydrogen and Power-to-X technology. P2X Solutions will invest EUR 70 million (USD 76.9 million) for the construction of the facility, which will be further backed by the Finnish Ministry of Employment and the Economy and the Finnish Climate Fund with an investment of EUR 36 million (USD 39.7 million). The facility is expected to be deployed in western Finland and is planned to be commissioned by 2024.

<ul><li> Analyst QuickTake: The round brings Sunfire’s total funding to USD 269 million. The first tranche of the company’s Series D funding was in last October when it raised EUR 109 million (USD 125 million) led by Lightrock and Planet First Partners as well as Carbon Direct Capital Management, HydrogenOne Capital, and existing shareholders.</ul>