Crawley solar firm Naked Energy raises £17m for global growth
Naked Energy, a West Sussex-based solar scaleup, has secured £17 million of new equity as part of a Series B first close to fund its global expansion.
The round was led by E.ON Energy Infrastructure Solutions (EIS), a provider of integrated, sustainable energy solutions for cities and industries, and also involved existing investor Barclays.
Naked Energy says its modular Virtu solar collectors boast the world’s highest energy density solar technology – offsetting up to four times more 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 via a strategic partnership with the firm, launched last October.
Their relationship will facilitate the provision of Naked Energy’s technology through a heat-as-a-service model to a global client base.
The Virtu product range has so far been sold to more than 20 countries, with clients including IHG Hotels & Resorts and Mandarin Oriental Hyde Park, London.
Naked Energy 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.
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 commercialisation at E.ON EIS, 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.
“Naked Energy’s solutions have distinctive and convincing value propositions.
“We’ll utilise them to help our customers in industries such as food and 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, added: “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 adviser to Naked Energy on the transaction.
The second close is expected to complete before the end of September 2024.
