Eight-digit investment in sunfire: “sunfire Entrepreneurs’ Club” and INVEN CAPITAL lead the way in new round of financing

Dresden, 23 November 2015 – sunfire GmbH – a developer and producer of reversible high-temperature electrolysers (RSOC) and high-temperature fuel cells (SOFC) – has successfully completed a further round of financing by securing the funds it requires for future market development and product industrialization. Multiple private investors (the “sunfire Entrepreneurs’ Club”) and INVEN CAPITAL (a venture capital arm of Czech energy provider ČEZ) led the way as an eight-digit investment in the firm was acquired. Capital was also injected by existing partners in the shape of Total Energy Ventures and Electranova Capital, managed by Idinvest Partners and sponsored by EDF Group, as well as founders Carl Berninghausen (CEO), Christian von Olshausen (CTO) and Nils Aldag (CFO). KfW remains a strong partner for sunfire.

As Nils Aldag explains: “The agreements reached with new investors represent a conscious move to strengthen our international network, especially in the Central and Eastern European markets. We are delighted to have acquired an ideal strategic partner in the shape of INVEN CAPITAL”. The Czech investor also took a share in German solar power storage specialist Sonnenbatterie GmbH in July 2015.

In the words of Daniel Beneš, CEO at ČEZ: “sunfire and its technologies dovetail perfectly with our focus on investment in the new energy sector”. INVEN CAPITAL was founded as a source of and incubator for innovative energy-sector products and services which could one day be offered to millions of ČEZ customers.

The benefits are clear to sunfire’s CEO Carl Berninghausen: “The injection of fresh capital enables us to continue to grow – swiftly and without compromise. We will be intensifying our market development activities and accelerating the industrialization of our products, which could become one of the cornerstones of the decentralized energy system of the future.” The firm therefore plans to implement additional measures aimed at enhanced customer orientation.

sunfire achieves multiple milestones in 2014 and 2015

sunfire has successfully established itself as a trusted partner of global companies such as The Boeing Company, Vaillant and AUDI. Joint projects see markets tapped into and developed with the aid of customer-specific system solutions. The Dresden-based cleantech firm has expanded its workforce to over 80 employees and reached significant milestones since the last round of financing in February 2014:

• Successful development and refinement of high-temperature electrolysis using reversible solid oxide cells (RSOC) in cooperation with The Boeing Company (February 2014 / November 2014 onwards)
• Successful implementation and refinement of SOFC technology used in Vaillant fuel cell heating devices within the framework of national and international field tests (2014 onwards)
• Ceremonial opening and commissioning of the sunfire Power-to-Liquids demonstration rig and filling of Federal Minister of Education and Research Dr Johanna Wanka’s official car with synthetic diesel (November 2014 / April 2015)
• Delivery of a 50-kilowatt high-temperature solid oxide fuel cell (SOFC) to ThyssenKrupp Marine Systems as part of the e4ships beacon project (August 2015)
• Winner of the Industry category at the Energy Awards 2015 (October 2015)

Source: sunfire GmbH, press release, 2015-11-23.