EIT Climate-KIC: Naked Energy raises EUR 1.2 million
The funding will help the launch of the world’s most efficient hybrid solar panel
EIT Climate-KIC- supported Naked Energy has successfully closed its funding round at GBP 1.1 million (EUR 1.2 million), raised to help meet the fast-growing demand for its patented solar thermal technology, Virtu, and expedite its launch.
Virtu, the world’s most efficient solar PV and thermal (PVT) panel for rooftops, is now one step closer to commercialisation, and therefore, to unlocking the economic and climate impact it was designed to support: Zero-carbon buildings on a global scale.
The EIT Climate-KIC supported solar thermal technology is housed within a vacuum tube to reduce thermal losses, capturing more heat for use within buildings while also drawing heat away from PV cells, creating an environment that maximises electrical output.
The hybrid system puts an end to the need for separate solar thermal and solar PV installations on flat rooftops by offering an ultra-compact alternative that generates both heat and power with world-leading efficiency, shorter payback and higher return on investment.
Naked Energy was the first UK start-up to be supported by EIT Climate-KIC’s EU-funded start-up accelerator programme at Imperial College London, in 2012. The same year, it was also the first UK winner of the innovation agency’s pan-European Venture Competition. EIT Climate-KIC supported the start-up during its early stages, connecting it with collaborators and end-users within the network, and enabling it to design its product for scale and climate impact.
The new investment was secured from existing shareholders and private investors. The fundraising was led by specialist advisers Capella Partners and EthicalFin, and supported through the Syndicate Room investment platform.
Christophe Williams, Managing Director of Naked Energy, said: 'We are delighted to have completed our current funding round and look forward to an exciting new chapter. The new investment will support the long-anticipated commercial launch of Virtu. Scale production can now start in earnest with the first important step of independent certification of the technology. We are expanding our team and looking forward to entering into strategic international partnerships for the distribution of Virtu to end customers globally.'
Alessandro Mele, Founder & CEO of EthicalFin, added:'Right away, we saw a lot of potential in Naked Energy’s dedicated team, high energy density technology and global scale-up opportunity. Our due diligence confirmed this initial perception and strong synergies emerged within the extended team. Consistent with our business model, our holding company Pommes D’Or Family Office invested in the round.'
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