BAKU, Azerbaijan, March 6. The European Investment Bank (EIB) is backing Sunfire, a German company, with up to 100 million euros in venture debt to assist in making solid oxide electrolyzers for green hydrogen production in industrial settings, Trend reports.
According to the bank, 70 million euros of this amount has already been signed.
This investment from EIB is part of the InvestEU program, aiming to boost over 372 billion euros in additional investments across Europe by 2027, especially in new technologies. Additionally, Sunfire has raised an extra 215 million euros in a Series E equity financing round.
This deal will help Sunfire create electrolyzers for producing green hydrogen more efficiently and cost-effectively. This can be used in industries like chemicals and steel, replacing fossil fuels and helping high-energy sectors like fertilizer, ammonia, methanol producers, energy companies, and steel mills to cut down on carbon emissions.
Meanwhile, The EIB Group, which also includes the European Investment Fund (EIF), signed a total of 88 billion euros in new financing for over 900 projects in 2023. These commitments are expected to mobilize around 320 billion euros in investment, supporting 400,000 companies and 5.4 million jobs.