Symbolic Signing Event of EIB-Contract

Symbolic Signing Event of EIB-Contract

Dresden, June 7, 2024

Sunfire welcomes European Investment Bank and signs term loan agreement of Up to EUR 100 Million

The electrolyzer pioneer Sunfire has secured a term loan of up to EUR 100 million provided by the European Investment Bank (EIB). This strategic investment will propel the development and industrialization of its innovative SOEC electrolyzers. On June 7, Sunfire CEO Nils Aldag and EIB Vice-President Nicola Beer symbolically signed the agreement at Sunfire’s headquarter in Dresden.

In their opening speeches, Aldag and Beer both emphasized the crucial importance of green hydrogen for the decarbonization and transformation of European industry. Martin Dulig, Saxon State Minister for Economic Affairs, Labor and Transport, named Sunfire an outstanding example of Eastern Germany, driving forward the transformation of the European energy sector.

Nils Aldag, Sunfire-CEO: “The EU is rightly determined to future-proof its industry. This requires a two-pronged approach which helps energy-intensive industries decarbonize and improve the productivity and resilience of its operations, while supporting industrial clean-tech players like Sunfire to be competitive on the global stage. The EIB credit demonstrates that Sunfire can also successfully access the venture debt market. Alongside continued and growing investor backing, it is giving us the confidence to scale the production of the next generation of electrolyzers. Investments like this help move ‘Made in Europe’ from an ambition to a reality, and I am delighted about this vote of confidence in our business”

Nicola Beer, Vice President European Investment Bank: “To make the green transition work for energy intensive industries, the development of a green hydrogen business environment is crucial. Scalable, reliable and efficient electrolyzers are a cornerstone. Therefore, we at the EIB are happy to support Sunfire’s innovative technology.”

Martin Dulig, Saxon State Minister for Economic Affairs, Labor and Transport: "The Sunfire team is an excellent example of Eastern Germany's leadership with ideas, impulses and innovations in future-oriented fields such as the hydrogen economy. The Dresden-based company is passionate about its technology and is driving forward the green transformation of the European energy sector. The market ramp-up of electrolysers in Europe and their financing are essential for strengthening the resilience of Europe as an industrial location. Sunfire therefore has the potential to develop into one of the most important European electrolyser manufacturers and is a real flagship for Saxony."

The EIB loan is a double vote of confidence: in Sunfire as a global leader in hydrogen technologies and in the economic region of Eastern Germany and Dresden as a hub for hydrogen expertise. It also shows that Sunfire can successfully access the venture debt market. The electrolyzer industry offers Europe a unique opportunity to combine its strong industrial history with cutting-edge technology. Green hydrogen can act as a key enabler of ecological and economic transformation, playing an essential role in climate protection, energy security, job creation, and economic growth in Europe. Sunfire’s innovative electrolyzers play a crucial role in decarbonizing energy intensive industries, thereby cementing Europe’s leadership in the global electrolyzer market. With the EIB term loan, the electrolyzer pioneer gains additional momentum.

Note: The EIB term loan was already announced at the beginning of this year with Sunfire’s Series E financing round.