Luxembourg-based technology company Paul Wurth S.A. has become the new lead investor and technology partner of Sunfire.
Sunfire GmbH, a Germany-based developer and manufacturer of highly efficient electrolysers and fuel cells, secured €25m venture capital in a series C financing round.
Paul Wurth S.A. is part of the Düsseldorf-based SMS group, the worldwide leading provider of equipment and plants for the metal industry and sees this partnership as a significant step for new technological developments leading to green steelmaking as well as an opportunity to enter the growing e-Fuels market.
As of 2019, Sunfire will implement commercial multi-megawatt projects applying high-temperature electrolysis and Power-to-Liquid technology.
“Thanks to our so far largest financing round we pave the way for the industrialisation of our technology validated in pilot plants. We experience daily how the interest for our solutions for energy transition is growing,” said Carl Berninghausen, CEO of Sunfire.
“We have already set a signal in the steel sector. With Paul Wurth joining the venture, we become a valuable partner for energy intensive industries. This milestone means for us an important step towards an industrial company, and we will now be able to expand our pure product business to service activities also in the field of projects,” Berninghausen continued.
Technologies developed by Sunfire allow producing climate-neutral fuels and gases for sectors such as heavy load transportation, aviation, steel industry and chemical industry.
“Our collaboration with Sunfire clearly expresses our strategy to play a leading role in the upcoming transformation of the steel industry towards CO2-free steel production. Paul Wurth designs and supplies complete blast furnace plants, coke oven plants as well as by-product treatment facilities for the primary stage of integrated steelmaking,” said Georges Rassel, CEO of Paul Wurth.
The existing Sunfire investors, INVEN Capital, Idinvest Partners, Total Energy Ventures, and Sunfire Entrepreneurs Club, participated in the new financing round.