The stake is part of Paul Wurth’s plan to promote its “green ironmaking” business, Paul Wurth said in a press release.

According to the media announcement:

“Sunfire develops and manufactures steam electrolysers (SOEC) and high-temperature fuel cells (SOFC). Steam electrolysis splits steam into hydrogen and oxygen. It is particularly efficient and is powered by renewable electricity. The hydrogen generated can be efficiently converted into crude oil substitutes via the Sunfire Power-to-Liquid process as well as being used directly in hydrogen powered mobility or industrially. Rewarded as one of the world’s most innovative companies, Sunfire has recently joined the European Hydrogen Initiative.”

The value of Paul Wurth’s investment was not disclosed, but the company said it was part of a €25m series C funding round.

The deal was signed on 18 December 2018 and announced on 7 January 2018.

Sunfire was founded in 2010 and employs 130 staff. Paul Wurth was founded in 1870 and employs 1,500 staff. It was acquired by the German industrial group SMS in 2012.