Naked Energy secures US investment and distribution deal
Naked Energy, a Crawley-based solar heat tech firm, has agreed an investment and distribution deal with ELM Companies, a US energy storage specialist.
The agreement will see ELM distributing Naked Energy’s solar thermal and photovoltaic thermal products, which are up to four times more efficient than traditional photovoltaic panels, across the United States.
Naked Energy see this as an ideal time to expand in the US, as the market is currently experiencing an accelerated shift toward sustainable energy generation. At the beginning of August, the US Senate passed the Inflation Reduction Act, which is set to offer $430 billion to climate change projects across the country.
Christophe Williams, CEO and co-founder of Naked Energy, said: “The United States is a key market for us and we’re incredibly proud to be working with such an exceptionally professional business as ELM. With their help we’re looking forward to decarbonizing the United States’ heating systems one building at a time.
“We’re delighted that a leading company like ELM sees the business opportunity in decarbonizing heat. Their significant presence in the US will help us to break into this new market and help the country reach its net zero goals.
“It’s an incredibly exciting time for the business and we are looking for other distributors across the world who share Naked Energy’s green vision. Decarbonizing heat on a global scale is needed urgently to address climate change.”
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ELM Companies intend to distribute Naked Energy’s solar thermal and PVT Virtu product range through its new division, ELM Solar, and its wide dealer and partner network across the US.
ELM is also planning to build a factory in Texas dedicated to manufacturing Virtu products, shortening supply chains and reducing carbon emissions.
Lee C Graves, Chairman and founder of ELM said: “We’ve seen a significant uptick in interest for renewable energy solutions across the United States. In the face of rising energy prices, we’re pleased to be working with Naked Energy to provide the country with renewable alternatives.
“When we were introduced to Naked Energy and the Virtu product range it was a no-brainer for us to work with them. We’re excited to start distributing their innovative solar thermal technology across the United States - it’s a perfect match with our area of expertise.”
The investment comes as Naked Energy opens its Series B funding round, which it hopes will raise at least £10 million. This investment is intended to fuel Naked Energy’s stateside expansion.
Read more - Naked Energy launches £10m funding push for global expansion