The round was led by E.ON Energy Infrastructure Solutions (E.ON EIS), a provider of integrated, sustainable energy solutions for cities and industries. E.ON EIS is part of the E.ON Group, one of Europe’s largest operators of energy networks and infrastructure, and a strategic partner to Naked Energy.
The partnership was initiated by E.ON Group Innovation through the global accelerator programme Free Electrons, in which E.ON's innovation team identified the advanced Naked Energy technology.
The strategic partnership was founded in October 2023 and enables the partners to continuously expand the collaboration and scale the solution. The series was supported by co-investment from existing investor Barclays through its Sustainable Impact Capital.
Naked Energy’s Virtu solar collectors have a modular design and high energy density solar technology.
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.
The IEA Renewables Report 2023 projects that the share of heat from renewable energy will increase by more than 40 percent worldwide from 2023 to 2028. As a result of the deal, Naked Energy is well-positioned to capitalise on this growing opportunity for renewable heat technologies.
The company 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.
“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” said Christophe Williams, CEO of Naked Energy. “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’.”
For additional information:
