To meet the rising demand for green energy throughout the world and hasten the decarbonization of heat, UK-based SolarTech startup Naked Energy has announced a £1 million investment at the opening of a Series B funding round, which seeks at least £10 million.
The investment round was led by Nesta Impact Investments, one of the UK’s busiest impact funds, which recently unveiled a new £50 million plan to help startup digital companies.
The additional funding will enable the manufacturer of cutting-edge solar technology to ramp up production while continuing to grow its engineering and business teams.
The transaction takes place at a dynamic time for solar thermal and is a part of a capital round that has previously attracted contributions from companies like Barclays and ELM Companies. By 2050, 30% of buildings worldwide are expected to use solar thermal energy, according to the International Energy Agency, and Naked Energy’s Virtu technology is helping to drive this growth.
The world’s greatest energy-density solar technology, the Virtu collector from Naked Energy, which was founded in 2011, combines high-efficiency solar photovoltaic (PV) and solar thermal technology to produce both electricity and heat from a single collector. They enable homes to use one solar panel for both solar hot water and power.
Both technologies have been proven to be 3–4 times more efficient than commonly used solar panels, making them ideal for businesses with high heat demand but limited roof space. The VirtuHOT collector, which generates solar heat, received the industry’s most prestigious TUV Rheinland certification last year.
“At Naked Energy, we’re constantly looking for investors who share our long-term green vision, and Nesta is aligned with our objective to achieve climate impact at scale,” says Christophe Williams, CEO, and creator of the company.
“We’re thrilled to have Nesta’s Impact Investment team on board. We anticipate being able to accelerate the decarbonization of heat with Nesta’s assistance, which is something we must do immediately to attain net zero.
Nesta’s Senior Investment Director, Alex Hook, declares: “We are happy to invest in Naked Energy as it is in line with Nesta’s Sustainable Future mission to decarbonize UK households. This is our first investment.
“Virtu, a technology created by Naked Energy, is revolutionizing the solar energy industry and has the potential to significantly reduce carbon emissions from the built environment. This is crucial to Nesta’s mission to decarbonize UK households, and we look forward to collaborating with Naked Energy to boost its development and influence.
Image Credit: Naked Energy