The European Funding Financial institution (EIB) will fund Sunfire to carry the Germany-based firm’s strong oxide electrolyzers towards serial manufacturing. The EIB stated in its media launch that it has signed the primary settlement value as much as $109.2 Million (EUR 100 Million) with Sunfire to help the revolutionary electrolysis applied sciences wanted for Europe`s inexperienced transition.
“The EIB`s funding is supported by the InvestEU program, which goals to set off greater than EUR 372 billion in extra funding throughout Europe till 2027, together with in new applied sciences. As well as, Sunfire secured extra €215 million in a Collection E fairness financing spherical”, EIB stated in a media launch.
The settlement helps Sunfire in growing electrolyzers for extra energy- and cost-effective manufacturing of inexperienced hydrogen, concentrating on excessive energy-consuming sectors like chemical substances and metal, with potential purchasers together with fertilizer/ammonia or methanol producers, vitality majors, and metal mills targeted on decarbonization.
Dresden-based Sunfire affords a mix of two complementary and differentiated tech. Its pressurized alkaline electrolyzers are already in use at an industrial scale whereas the high-temperature strong oxide electrolyzers (SOEC) may very well be an choice for the long run as a result of excessive effectivity, the EIB stated.
Going ahead Sunfire is aiming to enhance stack and module design, optimize design and implement new supplies. This will likely be carried out in parallel to automation and new manufacturing methods, to simplify the manufacturing course of.
“This funding embodies our dedication to fostering groundbreaking applied sciences which might be pivotal for the inexperienced and digital transition”, stated European Commissioner for Innovation, Analysis, Tradition, Schooling and Youth Iliana Ivanova. “By leveraging each private and non-private funding, we’re reinforcing the EU’s place as a world chief in sustainable innovation, guaranteeing that our industries stay aggressive whereas shifting in the direction of a carbon-neutral economic system”.
EIB Vice President Nicola Beer, answerable for EIB financing in Germany, commented, “To make the inexperienced transition work for vitality intensive industries, the event of a inexperienced hydrogen enterprise surroundings is essential. Scalable, dependable and environment friendly electrolyzers are a cornerstone”.
Sunfire founder and CEO Nils Aldag stated, “The EU is rightly decided to future-proof its trade”.
“This requires a two-pronged method which helps energy-intensive industries decarbonize and enhance the productiveness and resilience of its operations, whereas supporting industrial clean-tech gamers like Sunfire to be aggressive on the worldwide stage”, Aldag stated. “The EIB credit score demonstrates that Sunfire also can efficiently entry the enterprise debt market. Alongside continued and rising investor backing, it’s giving us the arrogance to scale the manufacturing of the following era of electrolyzers”.
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