UK-based solar technology startup Naked Energy has raised £17 million (€19.5 million) in a Series B funding round to accelerate its global expansion. The round was led by E.ON Energy Infrastructure Solutions (E.ON EIS), a part of the E.ON Group, one of Europe’s largest energy networks and infrastructure operators. Previous investor Barclays also participated in this round.
Founded in 2009, Naked Energy focuses on decarbonizing heat generation, which contributes to over 40% of global CO2 emissions. The company has developed two modular solar collectors, VirtuHOT and VirtuPVT, which are reportedly four times more efficient at offsetting emissions compared to conventional solar PV panels.
- VirtuHOT: Utilizes solar thermal technology to heat water up to 120°C.
- VirtuPVT: Combines solar thermal technology with photovoltaics (PV) to generate both heat and electricity.
These products are designed for clients with high energy demands and limited roof space, such as manufacturing plants, hotels, and leisure centers.
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Manufacturing and Expansion Plans
Naked Energy already has manufacturing facilities in the UK and Europe and is set to start production in Texas. The fresh capital will support the company’s global expansion and the adoption of its product range. Additionally, the partnership with E.ON Group will leverage a Heat-as-a-Service model for a global client base, with E.ON EIS gaining access to Virtu products for its commercial and industrial customers.
Market Potential and Future Growth
Christophe Williams, CEO of Naked Energy, highlighted the economic opportunities presented by heat decarbonization: “With investment from major industry players, we’re confident we can capitalize on this global shift.” The global share of renewable heat is expected to increase by 40% by 2028, making companies like Naked Energy well-positioned in the market.
With this significant investment, Naked Energy is set to enhance its solar technology solutions and expand its global presence, contributing to a sustainable and decarbonized future.
