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Dresden. The Dresden-based electrolysis company Sunfire is securing 200 million euros so that it can execute new orders and grow. A large part of the financing is secured with taxpayers' money.
According to the company, the financing is being provided by a consortium led by Commerzbank and other German and European commercial banks. The consortium also includes Société Générale, BNP Paribas, Landesbank Baden-Württemberg (LBBW) and Ostsächsische Sparkasse Dresden.
"Another milestone" for Sunfire
The financing marks a strong vote of confidence in Sunfire's industrial performance and financial viability from both the banks and politicians, according to the statement. The commitment represents a "further milestone" for Sunfire and the entire electrolysis industry.
The money is used to secure customer advance payments as well as contract performance and warranty obligations. In turn, 80 percent of the amount is secured by default guarantees from the federal government and the Free State of Saxony - i.e. with taxpayers' money. The remaining 20 percent is borne by the banks themselves. The term of the financing is five years.
The electrolysis specialist can use the EUR 200 million pledged to secure industrial projects and customer orders and effectively use advance payments received for the production of electrolysers - without tying up its own funds for collateral, it says.
Sunfire CFO: "A signal that Germany is determined"
"With the guarantee line, we can not only implement existing projects, but also drive forward industrial scaling with our own financial resources," saysFrank Posnanski, CFO of Sunfire. "This support shows that trust is being placed in young companies and pioneering technologies. It is a signal that Germany is determined to make its industry sustainable and fit for the future."
Sunfire is a leading global electrolysis company that develops and produces industrial electrolysers. This enables green hydrogen and synthesis gas to be provided as a climate-neutral substitute for fossil fuels. This is important for industrial sectors that are currently still dependent on oil, gas or coal. According to the company, it employs more than 650 people at sites in Germany and Switzerland.
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