Venture capital fund Electranova Capital has invested in the German company Sunfire.
Total Energy Ventures, the venture capital arm of the French major oil company, is also participating in this new round.
Sunfire develops high temperature fuel cells (SOFC) which convert gas into electricity and heat for several markets (such as micro CHP, off-grid, marine and IT servers) as well as high temperature electrolysers (SOEC) which produce hydrogen from water and electricity that can be used in industrial sites, H2 mobility, “power-to-gas” and “power-to-liquids” installations.
This new round of financing will help Sunfire consolidate its position as one of the most advanced technology enablers in the current energy transition in Europe. The 70 person strong team and its investors aim to accelerate Sunfire’s product road-to-market and tap into a broader market. To achieve this, Sunfire will now benefit from Total, EDF and Bilfinger’s (already investor in the company) extensive footprint and networks as well as the financing required to deliver the company’s growth.
Carl Berninghausen, CEO at Sunfire, says: “We are pleased to welcome Electranova Capital and Total Energy Ventures on board, and stand to benefit from the strategic and technical expertise of our new partners. Their investment rubberstamps the excellent work put in by our employees.”
Pierre Devillard, principal at Electranova Capital, says: “The key factors in our decision to invest were the firm’s unique technology, their portfolio of large international clients as well as the high quality of the team.”
