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- Sunfire
Sunfire Funding, Investors & Competitors
Sunfire has raised $493M across 5 funding rounds, most recently a $232M Series E in March 2024.
Last Sunfire funding round
$232M
Series E · Mar 2024
Cumulative funding Sunfire raised
$493M
across 5 funding rounds
Key investors in Sunfire
Lightrock
TotalEnergies Ventures
Planet First Partners
GIC
Idinvest Partners
Climate Pledge Fund
Blue Earth Capital
Ahren Innovation Capital
About Sunfire
Sunfire is a Dresden-headquartered developer of high-temperature electrolyzers for producing synthetic fuels and gases from renewable electricity. Its solid oxide electrolysis technology generates e-methane, e-methanol, and hydrogen at efficiencies above 80 percent, integrated into plants like the 300 kW REFHYNE project at Shell Rheinland refinery. Deployed in Europe and the United States since its 2010 founding, Sunfire systems connect to wind and solar farms for grid balancing and fuel substitution in shipping and heavy industry.
Founded
2010
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Sunfire Funding History
Sunfire has raised a total of $493M across 5 funding rounds.
Sunfire's first fundraising round was a $11M Series B in February 2014. The most recent completed round was a $232M Series E in March 2024.
Sunfire funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Mar 2024 | Series E | GIC; Carbon Equity; Planet First Partners; LGT group; Lightrock; Climate Pledge Fund; Ahren Innovation Capital; Carbon Direct Capital; Blue Earth Capital | $232M | Sunfire is a German electrolyzer manufacturer based in Dresden, specializing in industrial electrolysis technology for large-scale green hydrogen production, including solid oxide electrolyzers to decarbonize hard-to-abate industries. Founded in 2010, the company has around 350-400 employees and focuses on delivering reliable electrolysis solutions at scale. On March 5, 2024, Sunfire completed a Series E equity financing round raising EUR 215 million, complemented by up to EUR 100 million term loan from the European Investment Bank and access to approximately EUR 200 million in undrawn grant funding, totaling over EUR 500 million to accelerate growth, product development, team expansion, and global operations. New investors included LGT Private Banking, GIC, Ahren Innovation Capital, and Carbon Equity, with existing shareholders like Lightrock, Planet First Partners, Carbon Direct Capital, Amazon Climate Pledge Fund, and Blue Earth Capital also participating. The transaction was subject to regulatory approvals and expected to close in Q2 2024. By end of 2024, Sunfire reported an order backlog exceeding 800 megawatts, launched a FEED study for a 500 MW green hydrogen project in Europe, and emphasized partnerships for industrial-scale projects. |
| Mar 2022 | Series D | Blue Capital (lead); Copenhagen Infrastructure Partners (lead) | $95M | Sunfire, a Dresden-based electrolysis company developing alkaline and PEM electrolyzers for green hydrogen production, increased its Series D funding round to €195 million (approximately $215 million USD) in March 2022 with investments from Copenhagen Infrastructure Partners (CIP) through its Energy Transition Fund I and Blue Earth Capital, alongside participation from existing investor Carbon Direct Capital Management. The round supports Sunfire's scaling of manufacturing and commercialization of electrolyzers to enable Power-to-X applications in hard-to-abate sectors like steel, agriculture, and transportation. CIP not only provided growth capital but also entered a framework agreement for up to 640 MW of pressurized alkaline electrolyzers to supply its multi-GW Power-to-X project pipeline, highlighting Sunfire's technology readiness for large-scale deployment. Blue Earth Capital contributed alongside capital its expertise in climate impact, entrepreneurial guidance, and institutionalization to aid Sunfire's expansion into new markets. Sunfire CEO Nils Aldag emphasized the partnership's value in delivering scalable projects amid rising demand for green hydrogen driven by EU renewable targets and energy independence needs. The investment positions Sunfire at the intersection of energy security and net-zero transition, with backers like CIP—the world's largest greenfield renewable energy fund manager with €16 billion AUM—and Blue Earth focusing on industrializing electrolyzer production to reduce green hydrogen costs. |
| Oct 2021 | Series D | Lightrock (lead); Planet First Partners (lead); HydrogenOne Capital | $126M | Sunfire GmbH, headquartered in Dresden, Germany, is a global leader in developing and producing industrial electrolyzers for green hydrogen technologies, including pioneering Power-to-Liquid (PtL) processes for synthetic fuels. Founded in 2010 by Nils Aldag, Christian von Olshausen, and Carl Berninghausen, the company focuses on high-temperature solid oxide electrolysis to produce renewable hydrogen and e-fuels for decarbonizing hard-to-abate industries like transport and chemicals. On October 18, 2021, Sunfire closed its Series D funding round, raising €109 million (approximately $125-126 million USD) led by Lightrock and Planet First Partners, with participation from HydrogenOne Capital, Carbon Direct Capital Management, and existing shareholders. This marked the largest equity raise for a green-hydrogen-focused private company at the time, aimed at accelerating manufacturing scale-up, technology advancement, and market expansion in the rapidly growing green hydrogen sector to support global net-zero goals. Investors highlighted Sunfire's differentiated electrolysis technology for cost-effective green hydrogen production, positioning it to enable economic decarbonization across industries. Lightrock, a global impact private equity platform backed by the Princely House of Liechtenstein and LGT, and Planet First Partners, a London-based sustainable investment firm targeting European growth-stage cleantech, emphasized Sunfire's role in energy sovereignty, job creation, and reducing fossil fuel dependence. Subsequent developments include a Series E round in 2024 raising €215 million from new investors like LGT Private Bank and GIC, plus existing backers, alongside debt financing, but these are separate from the 2021 Series D. |
| Jan 2019 | Series C | Paul Wurth InCub (lead); Idinvest Partners; TotalEnergies Ventures; Inven Capital | $29M | Sunfire GmbH, a Dresden-based cleantech company founded to develop and manufacture highly efficient electrolysers and fuel cells, raised €25 million in a Series C funding round announced on January 7, 2019. The round was led by Paul Wurth S.A. (through Paul Wurth InCub), a Luxembourg-based technology company and part of SMS group specializing in metals industry equipment, with participation from existing investors INVEN Capital, Idinvest Partners, TotalEnergies Ventures, and the Sunfire Entrepreneurs Club. The funding was earmarked to support the implementation of commercial multi-megawatt projects starting in 2019, focusing on high-temperature electrolysis for green hydrogen production and Power-to-Liquid technology for climate-neutral e-fuels. These technologies target decarbonization in energy-intensive sectors like heavy transportation, aviation, steel, and chemicals by producing hydrogen using green electricity and waste heat from industrial processes. Paul Wurth's involvement positions Sunfire as a partner for green steelmaking, replacing fossil carbon in iron ore reduction with hydrogen-based processes. Sunfire's CEO Carl Berninghausen highlighted the round as paving the way for industrialization of pilot-validated technology and expansion into project-based services alongside product sales. Georges Rassel, CEO of Paul Wurth, emphasized the strategic fit for transforming steel production toward CO2-free methods. The collaboration advanced into hydrogen-based iron reduction and power-to-X activities by late 2019. |
| Feb 2014 | Series B | Electranova Capital; Bilfinger Venture Capital; Carl Berninghausen; TotalEnergies Ventures | $11M | - |
Who has invested in Sunfire?
19 investors have backed Sunfire across its funding rounds, including Lightrock, TotalEnergies Ventures, Planet First Partners, GIC, Idinvest Partners and Climate Pledge Fund.
Lead investors include Blue Capital, Copenhagen Infrastructure Partners, Lightrock, Planet First Partners and Paul Wurth InCub.
Sunfire Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Oct 2021 | ||
| 2 | Participant | Feb 2014 | ||
| 2 | Lead | Oct 2021 | ||
| 1 | Participant | Feb 2014 | ||
| 1 | Lead | Mar 2022 | ||
| 1 | Participant | Feb 2014 | ||
| 1 | Participant | Oct 2021 | ||
| 1 | Participant | Feb 2014 | ||
| 1 | Participant | Mar 2024 | ||
| 1 | Lead | Mar 2022 | ||
| 1 | Participant | Mar 2024 | ||
| 1 | Participant | Jan 2019 | ||
| 1 | Lead | Jan 2019 | ||
This data is available for Pro users. Sign up to see all 19 Sunfire investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialSunfire Competitors
Sunfire competitors include listed companies like First Solar, Jinko Solar, Nextracker and LONGi, and private ones like 1Komma5° and Northvolt.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $5.2B | $2.1B | $22B | 4.0x | ||
| Publicly listed | $9.8B | $35M | $5.7B | 0.9x | ||
| Private | $598M | - | $1.4B | - | ||
| Publicly listed | $3.6B | $747M | $13B | 2.9x | ||
| Publicly listed | $10B | $139M | $12B | 1.1x | ||
| Private | - | - | $12B | - |
Sunfire Public Comps
Sunfire is still privately-owned, but its public comps include GE Vernova, Iberdrola, Siemens Energy, China Yangtze Power, Constellation Energy, Bloom Energy, SLB, Baker Hughes, Vistra and Sandvik.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $38B | $3.2B | 6.2x | 5.4x | 73.5x | 43.5x | |||
| $51B | $17B | 4.4x | 4.3x | 13.2x | 11.8x | |||
| $45B | $4.5B | 2.7x | 2.4x | 27.3x | 16.1x | |||
| $13B | $11B | 11.4x | 11.3x | 13.9x | 14.4x | |||
| $26B | $5B | 4.6x | 3.8x | 23.5x | 15.3x | |||
| $2B | ($14M) | 40.9x | 23.7x | (5906.9x) | 112.5x | |||
| $36B | $7B | 2.4x | 2.4x | 12.5x | 10.6x | |||
| $28B | $4.3B | 2.0x | 2.0x | 13.3x | 11.3x | |||
This data is available for Pro users. Sign up to see all Sunfire competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Sunfire
| When was Sunfire founded? | Sunfire was founded in 2010. |
| Where is Sunfire headquartered? | Sunfire is headquartered in Dresden, Germany. |
| Is Sunfire publicly listed? | No, Sunfire is a private, VC-backed company. |
| How much funding has Sunfire raised? | Sunfire has raised $493M across 5 funding rounds. |
| What was Sunfire's last funding round? | Sunfire's last funding round was a $232M Series E in March 2024. |
| Who are Sunfire's investors? | Sunfire's investors include Planet First Partners, TotalEnergies Ventures, Lightrock, Electranova Capital, Blue Capital, Bilfinger Venture Capital, HydrogenOne Capital, Carl Berninghausen, GIC, Copenhagen Infrastructure Partners and 9 others. |
| Which companies are comparable to Sunfire? | Companies comparable to Sunfire include First Solar, Jinko Solar, 1Komma5°, Nextracker, LONGi and Northvolt. |
See companies similar to Sunfire
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