UK-based Naked Energy has raised £17 million in a Series B funding round to drive the global expansion of its solar technology solutions.
Founded in 2009, Naked Energy aims to decarbonise heat generation, which accounts for over 40% of global CO2 emissions.
The scaleup has developed a pair of modular solar panels called Virtu, which it claims are four times more efficient at offsetting emissions than conventional photovoltaic panels.
The VirtuHOT collector uses solar thermal energy to heat water up to 120 °C using solar energy. The VirtuPVT collector combines solar thermal energy and photovoltaics (PV) to generate both heat and electricity.
Naked Energy targets customers with high energy needs and limited roof space, such as factories, hotels and leisure centres. The company already has manufacturing facilities in the UK and Europe – where it mainly operates – and will soon start production in Texas.
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Focus on global expansion
With the fresh capital, the scale-up plans to drive its global expansion and the distribution 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 the largest energy network and infrastructure operators in Europe. The previous investor Barclays also participated.
The investment will further strengthen the existing partnership between the E.ON Group and Naked Energy. The two will develop a heat-as-a-service model for a global customer base. E.ON EIS will also have access to Virtu products for its commercial and industrial customers.
“Decarbonising heat represents a huge economic opportunity,” said Christophe Williams, CEO of Naked Energy. “With investments from such major industry players, we are confident we can benefit from this global shift.”
With the global share of renewable heat expected to increase by 40% (to 17% of total consumption) by 2028, companies like Naked Energy could be very well positioned in this market.
