UK-based Naked Energy has raised £17mn in a Series B round to boost the global expansion of its solar tech solutions.
Founded in 2009, Naked Energy set out to help decarbonise heat generation, which contributes over 40% of global CO2 emissions.
The scaleup has developed a pair of modular solar collectors, called Virtu. It claims they are four times more efficient at offsetting emissions compared to conventional solar PV panels.
The VirtuHOT collector uses solar thermal technology to heat water from the power of the sun to up to 120°C. The VirtuPVT collector combines solar thermal technology and photovoltaics (PV) to generate both heat and electricity.
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Naked Energy is targeting clients with high energy demands and limited roof space, such as manufacturing plants, hotels and leisure centres. The company already has manufacturing facilities in the UK and Europe — where it's mostly active — and is set to start production in Texas.
Eyes on global expansion
With the fresh capital, the scaleup plans to boost its global expansion and the adoption of its product range.
The round was led by E.ON Energy Infrastructure Solutions (E.ON EIS), which is part of the E.ON Group — one of Europe's largest operators of energy networks and infrastructure. Previous investor Barclays also participated.
The investment will further leverage the existing partnership between the E.ON Group and Naked Energy. The two will develop a Heat-as-a-Service model for a global client base. E.ON EIS will also have access to the Virtu products for its commercial and industrial customers.
“Heat decarbonisation presents a huge economic opportunity,” said Christophe Williams, CEO of Naked Energy. “With investment from such major industry players, we're confident we can capitalise on this global shift.”
With the global share of renewable heat expected to increase by 40% by 2028 (rising to 17% of total consumption), companies like Naked Energy might prove to be very well positioned in the market.