Milbank LLP advised Lightrock and Planet First Partners in connection with a new EUR 109 million (USD 125 million) financing round for Sunfire GmbH. Lightrock and Planet First Partners are acting as lead investors in Sunfire’s Series D round, leading a consortium of investors including Carbon Direct Capital Management, HydrogenOne Capital and existing shareholders of Sunfire.
Sunfire, headquartered in Dresden, Germany, is a global leader in the development and production of industrial electrolyzers. The new investment will further strengthen Sunfire’s leading position in the rapidly growing market for green hydrogen technologies. Founded in 2010 by Nils Aldag, Christian von Olshausen and Carl Berninghausen, the company pioneered the production of synthetic fuels via a so-called Power-to-Liquid (PtL) process. Through strategic company acquisitions, Sunfire has grown into a developer and manufacturer of electrolyzers – first becoming a world-leader in high-temperature electrolysis (SOEC) and recently adding advanced pressurized alkaline electrolysis to its product portfolio.
Lightrock is a global private equity platform that backs purpose-driven entrepreneurs tackling the world’s biggest challenges. Since 2007, Lightrock has invested in companies that pursue scalable and tech-driven business models around the key impact themes of people, planet, and productivity/tech for good. Lightrock’s portfolio includes more than 60 high-growth companies, supported by over 60 professionals based in 5 offices across Europe, Latin America, India and Africa. Lightrock is backed by the Princely House of Liechtenstein and LGT, the international private banking and asset management group.
Planet First Partners (PFP) is a sustainable investment platform focused on European growth stage companies looking to scale up technology-enabled solutions to the greatest environmental and societal challenges of our time. PFPs approach is to work “hands with” mission aligned entrepreneurs and investors to deliver on our common vision of healthier people and a healthier planet. PFP is headquartered in London and was created in 2019 by former Verlinvest founder, CEO and later Chairman Frédéric de Mévius and former Managing Director Alexander de Wit.
Milbank advised Lightrock and Planet First Partners on all Corporate/M&A aspects of the transaction. The Milbank team was led by partner Martin Erhardt and special counsel Michael Pujol and included associate Johannes Rogge-Balleer (all Corporate/M&A, Munich).
