International law firm Gowling WLG's energy team has advised clean hydrogen-dedicated investment fund HydrogenOne Capital Growth plc, on its inaugural private equity investment – a €24 million (£20 million) investment in Sunfire GmbH ("Sunfire"), a leading electrolyser producer.

Dresden-based Sunfire manufactures alkaline and solid oxide electrolysers, which can be deployed to manufacture clean hydrogen in carbon-intensive sectors that are reliant on fossil fuels for energy. HydrogenOne's investment forms part of a €109 million Series D fundraising round, including Lightrock, Planet First Partners and Carbon Direct Capital.

Corporate energy partner, Gareth Baker and principal associate, Stephen Bowman, led the team from Gowling WLG that advised HydrogenOne on the investment working with HydrogenOne's relationship partner Kristian Rogers. Gareth and Stephen were closely supported by colleagues from Gowling WLG's Stuttgart office, namely the head of Corporate/M&A in Germany Dr Andreas Woelfle and legal director, Florian Holfeld.

Stephen Bowman said: "Having advised HydrogenOne earlier this year in relation to its £107.35 million fundraise and listing on the premium-listing segment of the London Stock Exchange's Main Market, we are absolutely delighted to have advised HydrogenOne on its inaugural investment, which provides significant funding for Sunfire to build electrolyser production capacity in the gigawatts and continue developing its green hydrogen technology."

Gowling WLG's multi-disciplinary energy team has a first-class reputation with regard to renewable and clean energy and operates seamlessly around the globe. The deal is another example of the team's position in the energy sector and closely follows its advice to energy storage developer, owner and operator, Eelpower, on its multi-asset £100m joint venture with NextEnergy Solar Power.