Naked Energy launches £10m funding push for global expansion

Crawley solar heat tech developer Naked Energy is looking to raise over £10m to meet increased demand for green energy globally.

Money raised will aid the firm’s global expansion in the US and beyond and fund the ongoing development of its solar thermal tubes, which are three to four times more efficient than traditional PV panels.

The Series B funding round push follows previous investments from Barclays, ELM Companies, and Big Sky Partners.

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Christophe Williams, CEO and co-founder of Naked Energy, said: “The wave of investment we’ve received has allowed us to scale our operations. With the announcement of our Series B funding round, we’re excited to grow our business even further and tap into new markets around the globe.

“We’re delighted that a leading investor like Barclays sees the opportunity in decarbonising heat - and its significant presence in the US will help us with our move into this new market.

“It’s an incredibly exciting time for the business and we are looking for investors who share Naked Energy’s green vision. Decarbonising heat on a global scale is needed urgently to address climate change.”

Naked Energy’s VirtuPVT collector combines solar photovoltaics (PV) and solar thermal technology to generate both electricity and heat from a single collector, and their modular design makes them the world’s highest energy density solar technology.

The VirtuHOT collector, which generates solar heat, recently received the gold standard TÜV international certification. Both technologies will be instrumental to the decarbonisation of heat in sectors from manufacturing to hotels and leisure centres.

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The funding from Barclays has come from the bank's Sustainable Impact Capital Programme, which has a mandate to spend £175 million of equity capital in sustainability-focused start-ups by 2025. Naked Energy was also supported by Barclays earlier this year through Unreasonable Impact, which supports high-growth ventures to scale and to address key global challenges.

Co-investor ELM Companies will distribute Naked Energy’s solar thermal and photovoltaic thermal (PVT) products in California, Texas, Arizona and ELM’s home state Illinois.

Gavin Chapman, managing director of Principal Investments, will join Naked Energy’s board as a non-executive director.

He said: “Naked Energy is revolutionising the solar energy space with their technology, a pivotal step in the decarbonisation of heat. We are excited to support their innovation and growth, and I look forward to our ongoing partnership as we support more clients and communities to meet their decarbonisation ambitions.”