German firm Sunfire received an investment from Electranova Capital, a statement about the funding said. Financial details of the transaction, which was also participated in by Total Energy Ventures, were not disclosed.
Electranova Capital is an EDF-sponsored clean technology venture capital fund run by Idinvest Partners while Total Energy Ventures is France-based oil firm Total's venture capital arm. Sunfire is a developer of "high temperature fuel cells" that have the capability to turn gas to electricity and heat. The product is geared for markets like IT servers, off-grid and Micro CHP, among others. Sunfire also makes "high temperature electrolysers" for industrial sites and "Power-to-Gas" and "Power-to-Liquids" facilities, among others. Through the use of these electrolysers, hydrogen is produced from water and electricity, the statement said.
Proceeds from the latest funding round will allow Sunfire to strengthen its position as one of the most sophisticated and dependable enablers of technology in Europe's ongoing energy transition. The firm and its backers intend to hasten its "product road-to-market" and expand to a wider market. In order to make this possible, Sunfire will rely on the large footprint and network and the financing that its investors can give, the statement said.
Sunfire Chief Executive Officer Carl Berninghausen said in the statement, "We are pleased to welcome Electranova Capital and Total Energy Ventures on board, and stand to benefit from the strategic and technical expertise of our new partners. Their investment rubberstamps the excellent work put in by our employees." The company currently has a workforce of 70 employees.
Electranova Capital Partner Nicolas Chaudron said that they will do more than just provide funding for the German firm's program for expansion. They will also be giving the German firm "access to new markets and applications" together with the support of their main sponsor, EDT Group, the statement said.
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