The Dresden-based company on Thursday (March 24) said it had increased its Series D capital raising to €195m ($215m) by partnering with CIP and Blue Earth Capital (BlueEarth) as it looks to scale its electrolyser technologies.

CIP has now confirmed it will scale its power-to-x projects with the Sunfire technology and has entered into a framework agreement to purchase the company’s electrolysers with a total capacity of up to 640MW.

Welcoming the support, Nils Aldag, CEO of Sunfire, said, “This agreement adds huge value for all parties involved. While CIP can rely on the most advanced electrolysis technology and our highly dedicated expert team, we showcase our ability to deliver commercially scalable projects.”

Felix Pahl, Partner at Copenhagen Infrastructure Partners, added, “One key factor to drive down the cost of green hydrogen is the industrialisation of the manufacturing of electrolysers and CIP plans to participate in this through partnerships and framework agreements.

“Sunfire is a leader in electrolysis technology, which will be the key component in the decarbonisation of hard-to-abate sectors and a contributor to European energy independence.

“With a strong team and backing from a strong investor base, we expect that Sunfire can be a driver of the industrialisation of the green hydrogen sector and thereby contribute significantly to net zero emissions and energy security targets.”

In addition to CIP’s efforts, Sunfire has also bagged BlueEarth as a new investor. The global impact investment firm has said it will invest in Sunfire through its dedicated climate growth strategy.

Kayode Akinola, Global Head of Private Equity Direct Investments at Blue Earth Capital, said, “We believe Sunfire is well positioned at the nexus of energy security and the net zero transition. Green hydrogen has the potential to transform some of the world’s most emissions-intensive industries, many of which have no alternative pathways to fully decarbonise.

“With its leading track record in two of the preeminent electrolyser technologies, Sunfire is poised to play a key role in fulfilling this promise. We are excited to be partnering with the Sunfire team and shareholders by providing growth capital and support to help scale operations within existing and new markets.”