BOARDROOM
German hydrogen manufacturer Sunfire attracts €315mn to power expansion
With demand for green hydrogen expanding rapidly, electrolyser maker Sunfire has secured over €315mn in funding, including a venture-debt loan of €100mn from the European Investment Bank (EIB).
Sunfire’s technology enables hydrogen production by electrolysis, which can then be used to replace fossil fuels in energy-intensive industries. Sunfire, which employs more than 500 people in Germany and Switzerland, has several large projects due for completion by 2030. More than 90% of Europe’s hydrogen production is currently powered by fossil fuels, and critics are concerned that current investment is too small to meaningfully scale green alternatives – particularly as the EU aims to produce 10mn tonnes of hydrogen by 2030.
Horizon Capital raises €322mn for Ukraine’s fast-growing tech companies
Kyiv-based Horizon Capital has raised over €350mn from a range of international investors, beating its internal target by €92mn. Backers include Blue Earth Capital and the Zero Gap Fund, Impact Investor Reports. This funding will support up to 20 companies, with a minimum of 80% of the money earmarked for Ukrainian initiatives. Horizon’s CEO Lenna Koszarny noted that Ukrainian president Volodymyr Zelenskyy has been supportive of the initiative for its investment in Ukraine now, rather than waiting until war is over. According to research commissioned by the World Bank, UN, EU and Ukrainian Government, the reconstruction and economic recovery of Ukraine may cost up to €447bn. Horizon Capital’s fund is the largest raised since the Russian invasion.
Norway earmarks $193mn for a floating wind farm in the Barents Sea
The Norwegian town of Hammerfest will be getting its power from a new floating wind farm in the Barents Sea, thanks to 2bn NOK of funding from the state. Operated by GoliatVind, the project beat six applicants for a tender by government agency Enova, Reuters reports. GoliatVind is run by a consortium of shipping company Odfjell Oceanwind, renewables developer Source Galileo and Japan’s Kansai Electric Power Company. 50MW of the energy generated will be used to power an oil platform, and developers hope that up to 25MW of additional energy could be sent to shore on full-wind days. The windfarm is due to begin operations in 2028, following a five-year deadline set by Enova. The project will join the rapidly growing ranks of floating offshore wind farms. Hywind Scotland, the first farm of its kind, came online in 2017, and over 300 have been planned since worldwide.
Ring Capital to invest €50mn in start-ups in Francophone West Africa
A new £50mn fund has been earmarked for early-stage startups focusing on social and environmental change in French-speaking West Africa.
Former French minister Elisabeth Moreno will take the helm Ring Africa, a fund spun out from impact investor Ring Capital.
Working with Côte d’Ivoire’s Mstudio, a leading start-up incubator, the fund will offer an 18-month long support programme to awardees including close mentorship from two accomplished African entrepreneurs. Impact Investor spoke to Ring Capital’s co-founder Nicolas Celier, who hopes that the fund will “create a bridge” between entrepreneurs and investors in Africa and Europe. KPIs include “number of women supported” and “number of informal economy jobs created.”
The African Youth Survey found that 78% of young people on the continent want to start a business.
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