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Naked Energy, a UK-based solar heat and power technology firm, has announced the successful acquisition of £17 million in new equity as part of a Series funding round to accelerate its global expansion.
E.ON Energy Infrastructure Solutions (E.ON EIS) led this round, following Naked Energy's participation in E.ON Group's Free Electrons global accelerator programme. Additionally, Barclays co-invested through its Sustainable Impact Capital arm, reinforcing its continued support for the firm.
Naked Energy celebrates this funding as a significant endorsement of its ambitious growth strategy. The company's Virtu product range, known for generating power and heat, is now installed in over 20 countries. Notable clients include IHG Hotels & Resorts and Mandarin Oriental Hyde Park, London. Virtu's hybrid solar technology is touted to be up to four times more effective in reducing CO2 emissions compared to conventional solar PV panels.
The partnership with E.ON EIS involves a novel 'heat-as-a-service' model, enabling E.ON's global clientele to adopt the Virtu solution without upfront costs. The companies are already collaborating on multiple projects across various regions.
"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 Naked Energy CEO Christophe Williams. "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 EIS, explained how the company had swiftly invested in Naked Energy. "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.ON's Silicon Valley Garage and now on to a strategic partnership with significant potential for E.ON's Energy Infrastructure Business," he said. "Naked Energy's solutions have distinctive and convincing value propositions. We will utilise them to help our customers, in industries such as food and beverage and hospitality, to decarbonise their businesses profitably."
This funding announcement follows Naked Energy's recent decision to commence manufacturing in Texas in collaboration with US distribution partner ELM Solar. This expansion builds upon the company's existing manufacturing operations in the UK and Europe, further solidifying its market presence and production capacity.
Gavin Chapman, co-head of principal investments at Barclays, said: "To reach net zero, we need to rapidly scale new, innovative technologies to help reduce emissions in the sectors that are most difficult to decarbonise - particularly our homes and buildings. As we make our follow-on investment today, we're excited to see and support Naked Energy's continued growth and further deployment of their technology, supercharged by the partnership with E.ON."
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