Electranova Capital, a cleantech venture capital fund managed by Idinvest Partners and sponsored by EDF, has backed German company Sunfire. Total Energy Ventures is also participating in this new round. Sunfire develops high temperature fuel cells which convert gas into electricity and heat.
Electranova Capital, the cleantech venture capital fund managed by Idinvest Partners and sponsored by EDF, announces its investment in the German company Sunfire. Total Energy Ventures, the venture capital arm of the French major oil company, is also participating in this new round.
Sunfire develops high temperature fuel cells (“SOFC”) which convert gas into electricity and heat for several markets (Micro CHP, off-grid, marine, IT servers…) as well as high temperature electrolysers (“SOEC”) which produce hydrogen from water and electricity that can be used in industrial sites, H2 mobility, “Power-to-Gas” and “Power–to-Liquids” installations.
This new round of financing will help Sunfire consolidate its position as one of the most advanced and credible technology enablers in the current energy transition in Europe and beyond. The 70 person strong team and its investors aim to accelerate Sunfire’s product road-to-market and tap broader market. To achieve this, Sunfire will now benefit from Total, EDF and Bilfinger (already investor in the company) extensive footprint and networks as well as the financing required to deliver the company’s considerable growth potential.
Carl Berninghausen, CEO at Sunfire GmbH explains: “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”.
Pierre Devillard, Principal at Electranova Capital, indicates: “The key factors in our decision to invest were the firm’s unique technology, their portfolio of large international clients as well as the high quality of the team”.
Nicolas Chaudron, Partner at Electranova Capital managed by Idinvest Partners, adds: “We will not only ensure the financial security of Sunfire’s ongoing expansion strategy, but also provide access to new markets and applications in particular with the support of EDF Group our main sponsor”
About Electranova Capital and Idinvest Partners
Electranova Capital was launched in May 2012 by Idinvest Partners in partnership with EDF and with support from Allianz and Bpi France – the French sovereign found. The fund’s mission is to back innovative companies in renewable energy and environmental technologies. For further information, please visit www.electranovacapital.com
Idinvest Partners is a leading pan-European private equity manager focused on the middle market segment. Founded under the name AGF Private Equity in 1997, Idinvest Partners manages over €4 billion and has a staff of 43 employees. Idinvest Partners was part of the Allianz Group until 2010 when it joined forces with IDI Group to become independent. www.idinvest.com
Founded in 2010, sunfire GmbH is a pioneer in the fields of high temperature fuel cells and electrolysis. Sunfire was founded by Carl Berninghausen, Christian von Olshausen and Nils Aldag. The firm is supported by business angels, Bilfinger Venture Capital, ERP Startfonds at KfW, Total Energy Ventures and Electranova Capital – a cleantech venture capital fund managed by Idinvest Partners and sponsored by EDF Group and Allianz.