In Luxembourg, the European Investment Bank (EIB) is teaming up with private investors to support the development of innovative electrolysis technologies needed for Europe`s green transition. With the Germany-based Sunfire, the EU-Bank has signed a first agreement worth up to €100 million to advance Sunfire’s solid oxide electrolysers towards serial production.
The EIB`s investment is supported by the InvestEU programme, which aims to trigger more than €372 billion in additional investment across Europe until 2027, including in new technologies. In addition, Sunfire secured additional €215 million in a Series E equity financing round.
The agreement will support Sunfire develop electrolysers to produce green hydrogen more energy- and cost-effectively for industry processes, replacing the use of fossil fuels in high energy consuming sectors like chemicals and steel. Likely clients would include fertilizer/ammonia or methanol producers, energy majors and steel mills that are seeking to decarbonize their production.
Tags: EIB, Luxembourg, Sunfire
Category: Fuels
