Naked Energy Announces £17m Of New Equity In Series B First Close, Led By E.ON Energy Infrastructure Solutions
15 Julio 2024 - 9:00AM
Business Wire
- Solar technology scale-up secures strategic and financial
investors to supercharge its global expansion and the adoption of
its cutting-edge solutions to decarbonise heat
- E.ON Energy Infrastructure Solutions led the round as it
sees increased global customer demand to accelerate the
decarbonisation of heat
- Naked Energy is well-positioned to capitalise on forecasted
growing demand for renewable heat
British solar heat and power scale-up Naked Energy announced
today that it has secured £17m of new equity as part of a Series B
first close to supercharge its global expansion and the adoption of
its cutting-edge solutions to decarbonise heat.
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Naked Energy’s installation at Creighton
University, Nebraska (Photo: Business Wire)
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 strategic partnership was founded in October 2023 and
enables the partners to continuously expand the collaboration and
scale the solution. The series was supported by co-investment from
existing investor Barclays through its Sustainable Impact
Capital.
The investment is a strong endorsement of Naked Energy’s growth
plans, enabling the company to accelerate the international
distribution of its award-winning solar heat and power technology
with the adoption of innovative new business models.
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.
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 IEA Renewables Report 2023 projects that the share of heat
from renewable energy will increase by more than 40% worldwide from
2023 to 2028. As a result of the deal, Naked Energy is
well-positioned to capitalise on this growing opportunity for
renewable heat technologies.
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.
Naked Energy recently opened its first stateside project at
Creighton University, Omaha, Nebraska, with the project already on
track to save 40 metric tonnes of carbon for the institution every
year.
Christophe Williams, CEO of Naked Energy, said: “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.
“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 Commercialization 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.ON's 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.”
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.”
Piper Sandler served as exclusive corporate finance advisor to
Naked Energy on the transaction. The second close is expected to
complete before the end of September 2024.
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