Naked Energy has secured £17 million 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.
Naked Energy is a British design and engineering business focused on solar thermal and solar PVT. The businesses’ high energy density solutions can decarbonise heat cost-effectively and with limited space; its solar PVT technology delivers up to four times the carbon savings per m2 compared to conventional solar PV.
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.
The round was led by E.ON Energy Infrastructure Solutions (E.ON EIS) led the round — part of the E.ON Group, one of Europe’s largest operators of energy networks and infrastructure — which included investment from Barclays.
The strategic partnership was founded in October 2023 and enables the partners to continuously expand the collaboration and scale the solution.
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.
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.
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.”
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.ONs 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 decarbonise their businesses profitably.”
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."
Lead image: Naked Energy. Photo: uncredited.