Sunfire announces €25 million in Series C funding. The round was led by Paul Wurth S.A., part of SMS group, a provider of equipment and plants for the metals industry, with participation from existing investors Inven Capital, Idinvest Partners, Total Energy Ventures and Sunfire Entrepreneurs Club.
Based in Dresden, Germany, the company develops and manufactures electrolysers and fuel cells for sectors such as heavy load transportation, aviation, steel industry or chemical industry.
The startup built a plant to prove it is possible to live without damaging the climate. They convert carbon dioxide and water into a product called e-Syngas. The renewable Syngas can be further converted into anything that we today produce using fossil fuels.
The company intends to use the funds to implement commercial multi-megawatt projects applying high-temperature electrolysis and Power-to-Liquid technology.
The technology company Paul Wurth S.A. also joined as the new lead investor. The Luxembourg-based plant builder will provide access to global metals industry, which increasingly uses renewable hydrogen.