Sunfire obtains EUR-200m guarantee line to advance hydrogen projects
German electrolyser maker Sunfire GmbH on Tuesday said it has secured EUR 200 million (USD 208.5m) in guaranteed financing that will help it advance the implementation of industrial customer projects.The guarantee line was arranged by Commerzbank with the participation of other German and European commercial banks. The Dresden-based company will use it to secure customer advance payments as well as contract fulfilment and warranty obligations. The guarantee financing, which has a term of five years, will enable Sunfire to use advance payments received for the production of electrolysers more effectively, without the need to allocate its own funds as collateral.A large part of the loan amount, 80%, is secured by parallel default guarantees from the German federal government and the state of Saxony, aimed at supporting the development of the hydrogen market.“With the guarantee line, we can not only realise existing projects, but also drive industrial scaling with our own financial resources,” said Sunfire CFO Frank Posnanski. “The support demonstrates confidence in young companies and future-oriented technologies. It is a signal that Germany is determined to make its industry sustainable and fit for the future.”(EUR 1 = USD 1.043)
German electrolyser maker Sunfire GmbH on Tuesday said it has secured EUR 200 million (USD 208.5m) in guaranteed financing that will help it advance the implementation of industrial customer projects.
The guarantee line was arranged by Commerzbank with the participation of other German and European commercial banks. The Dresden-based company will use it to secure customer advance payments as well as contract fulfilment and warranty obligations. The guarantee financing, which has a term of five years, will enable Sunfire to use advance payments received for the production of electrolysers more effectively, without the need to allocate its own funds as collateral.
A large part of the loan amount, 80%, is secured by parallel default guarantees from the German federal government and the state of Saxony, aimed at supporting the development of the hydrogen market.
“With the guarantee line, we can not only realise existing projects, but also drive industrial scaling with our own financial resources,” said Sunfire CFO Frank Posnanski. “The support demonstrates confidence in young companies and future-oriented technologies. It is a signal that Germany is determined to make its industry sustainable and fit for the future.”
(EUR 1 = USD 1.043)
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