British solar heat and power scaleup Naked Energy has generated £17m of new equity as part of a Series B first close.
The firm, which featured on our EnviroTech 50 ranking this year, said the funding will supercharge its global expansion and the adoption of its solutions to decarbonise heat.
The round was led by E.ON Energy Infrastructure Solutions (E.ON EIS), a provider of integrated, sustainable energy solutions for cities and industries. E.ON EIS is part of the E.ON Group, one of Europe’s largest operators of energy networks and infrastructure, and a strategic partner to Naked Energy.
The partnership was initiated by E.ON Group Innovation through the global accelerator programme Free Electrons, in which E.ON’s innovation team identified the advanced Naked Energy technology.
The round was supported by co-investment from existing investor Barclays through its Sustainable Impact Capital.
Naked Energy’s Virtu solar collectors have a modular design and the world’s highest energy density solar technology, proven to be up to four times more impactful at offsetting CO2 emissions than conventional solar PV panels.
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E.ON EIS will benefit from access to the innovative Virtu product range for its commercial and industrial customers. The relationship between E.ON and Naked Energy will facilitate the provision of Naked Energy’s technology through a Heat-As-A-Service model to a global client base. The two companies are already working on a pipeline of projects across multiple territories.
Naked Energy has sold its Virtu product range to more than 20 countries and is well-established in the UK and Europe, having signed deals with industrial and commercial clients, such as IHG Hotels & Resorts and Mandarin Oriental Hyde Park, London.
The company has manufacturing bases in the UK and Europe, and is scheduled to start manufacturing in Dallas, Texas later this year in partnership with its US distribution partner ELM Solar.
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“The first wave of investment of our Series B round is transformative for our journey and a great step in the wider movement to decarbonise heat,” said Christophe Williams, CEO of Naked Energy.
“It’s clear that both E.ON and Barclays share our sense of urgency to decarbonise heat. Heating takes up over half of all energy consumed globally, and as the demand for renewable heat continues to rise, we’re committed more than ever to supporting the commercial and industrial sectors in their transition away from natural gas.
“Heat decarbonisation presents a huge economic opportunity. With investment from such major industry players, we’re confident we can capitalise on this global shift and look forward to other like-minded investors joining us on our journey to ‘change energy for good’.”
Daniel Joisten, head of innovation commercialisation at E.ON Energy Infrastructure Solutions, added: “Investing in Naked Energy has been a great decision for E.ON. In just one year, we’ve progressed from scouting and assessing their capabilities through E.ON Group Innovation as part of the prestigious Free Electrons Program, to a test installation at E.ONs Silicon Valley Garage and now on to a strategic partnership with significant potential for E.ON´s Energy Infrastructure Business.
“Naked Energy’s solutions have distinctive and convincing value propositions. We will utilise them to help our customers, in industries such as Food & Beverage and Hospitality, to decarbonize their businesses profitably. We are looking forward to scaling our joint business activities, both from an E.ON perspective and on Naked Energy’s board of directors.”