UK-based Naked Energy has raised £17 million in a Series B funding round to fuel the global expansion of its solar technology solutions.
Founded in 2009, Naked Energy aims to help decarbonise heat generation, which accounts for more than 40% of global CO2 emissions.
The large company has developed two modular solar collectors called Virtu, which it claims are four times more efficient at offsetting emissions than traditional solar panels.
VirtuHOT collectors use solar thermal technology to heat water with the power of the sun up to 120°C, while VirtuPVT collectors combine solar thermal technology with photovoltaics (PV) to produce both heat and electricity.
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Naked Energy targets customers with high energy demands and limited roof space, such as manufacturing plants, hotels and leisure centers. The company already has manufacturing facilities in the UK and Europe (where it operates primarily) and plans to start production in Texas.
Eyeing global expansion
With the new funding, the scale-up plans to accelerate global expansion and adoption of its product range.
The round was led by E.ON Energy Infrastructure Solutions (E.ON EIS), part of the E.ON Group, one of Europe’s largest energy network and infrastructure operators, and also included participation from previous investor Barclays.
The investment further strengthens the existing partnership between E.ON Group and Naked Energy. The two companies will develop a Heat-as-a-Service model for a global customer base. E.ON EIS will also make Virtu products available to commercial and industrial customers.
“Decarbonizing heat presents a huge economic opportunity,” said Naked Energy CEO Christophe Williams. “With investment from such a major industry player, we are confident we are well placed to capitalize on this global shift.”
With the global share of renewable heat expected to grow by 40% by 2028 (rising to 17% of total consumption), companies like Naked Energy could prove to be very well positioned in the market.
