German Energy Startup Sunfire Raises €25M From Paul Wurth

Sunfire, a Dresden based renewable energy startup which is a developer of green hydrogen, off-grid and mobile energy solutions for the commercial purposes, has now secured a €25 million investment which is led by the Luxembourg based steel pant builder Paul Wurth. Some of the existing investors of the Sunfire, Idinvest Partners, INVEN Capital, Total Energy Ventures and the “Sunfire Entrepreneurs Club” has also participated in the new funding round.

Sunfire started in the year 2010. It manufactures and develops highly effective and efficient electrolyzes and fuel cells, using the green hydrogen through industrialization of the electrolysis and Power to Liquid technology for the large scale commercial projects. As a partner and investor, Paul Wurth will provide the complete access to the global metals industry, which is as of now increasingly using the renewable hydrogen.

With the help of new capital, Sunfire plans to begin implementing the commercial multi-megawatt projects applying the high-temperature electrolysis and Power to liquid technology in the year 2019.

The latest technologies which have been developed by the Sunfire allows the production of climate neutral gases and fuels for the certain industrial sectors that now rely on the sources of the fossil energy, such as the steel industry, heavy load transportation, aviation, and even the chemical industry. Green hydrogen is produced based on the production of the green electricity with an efficient high-temperature electrolyze with the help of a waste heat generated by the industrial processes.

Carl Berninghausen, CEO of Sunfire, said: “Thanks to our so far one of the biggest and largest financings round we pave the way for the industrialization of our technology validated in pilot plants. We experience daily how the interest in our solutions for energy transition is growing.”

The CEO of Paul Wurth, Georges Rassel said: “That our collaboration with the renewable energy company Sunfire clearly expresses our strategy to play one of the most leading roles in the upcoming transformation of the steel industry towards the production of the CO2-free steel. Paul Wurth helps to supplies and design the complete blast furnace plants, coke oven plants as well as by-product treatment facilities for some of the primary and easy stage of integrated steelmaking. We would also like to have accompanied our customers also in their journey to hydrogen-based hot metal production and to even support them to achieve some of the more climate protection targets.”