Naked Energy secures £17m Series B funding led by E.ON Energy Infrastructure Solutions to expand globally.
E.ON Energy Infrastructure Solutions led the Series B first close, supported by Barclays Sustainable Impact Capital.
Naked Energy designs and engineers solar thermal and solar PVT technology to decarbonise heat for commercial and industrial buildings. The business operates manufacturing bases in the UK and Europe.
Naked Energy has secured £17m in the first close of its Series B funding round to accelerate its global expansion and the adoption of its solar technology. The investment was led by E.ON Energy Infrastructure Solutions, with participation from existing backer Barclays via its Sustainable Impact Capital initiative. Piper Sandler acted as the exclusive corporate finance advisor on the transaction, with a second close anticipated before the end of September 2024.
The capital will support the international distribution of the company's award-winning solar heat and power products. Naked Energy manufactures its modular Virtu solar collectors in the UK and Europe, and prepares to initiate production in Dallas later this year through a partnership with ELM Solar.
The strategic backing arrives as demand for renewable heat solutions increases across industrial and commercial sectors. E.ON plans to integrate Naked Energy's technology into its commercial offerings through a Heat-As-A-Service model, while the company maintains an established footprint across more than 20 countries.
From the founder
"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."
Christophe Williams
CEO at Naked Energy
Investor perspective
"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 for E.ON´s Energy Infrastructure Business."
Daniel Joisten
Head of Innovation Commercialization, E.ON Energy Infrastructure Solutions
Use of funds
- 01Expand into international markets
Investors
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About the company
Naked Energy
Naked Energy develops high density solar heat and power technology to displace fossil fuels.