Naked Energy secures €6.17 million in funding

Naked Energy, an EIT Climate-KIC supported solar energy startup has raised €6.17 million in funding. Environmental fund manager Earthworm Group led the round with co-investment from Taqa Holdings Ltd.

Additional investment came from existing shareholders and new investors supported by Ethical Fin, Fonte Capital, Green Angel Syndicate and Syndicate Room.

Earthworm Group has over €117 million under management and says it only backs businesses that have a positive social or environmental impact. Taqa Holdings is a multi-billion turnover international conglomerate with interests in manufacturing, agriculture, trading and services.  

Naked Energy is a UK-based business in the sustainable energy sector with a global outlook. The company has already made significant progress in product development and testing of its Virtu technology, a patented hybrid solar collector. As Virtu generates both heat and power it is much more efficient than conventional solar photovoltaic (PV) products. The capital raise will be used to accelerate the company’s sales and marketing efforts, including international distribution partnerships, as well as volume production and automation.

Virtu can deliver a peak efficiency of 80 per cent, converting 20 per cent of the sun’s energy to electricity and 60 per cent as heat.  On a typical commercial flat roof, conventional PV panels need up to 50 per cent more space than VirtuPVT to generate the same financial savings—and up to 300% more to deliver the same carbon savings.  The compact, novel design means more energy is generated from less space—a particular advantage in the built environment where distributed energy solutions are most needed to tackle climate change and insulate against rising energy costs.

Christophe Williams, Co-founder and CEO, Naked Energy said: “We are delighted to complete the latest and most important funding round to date.  New investment enables Naked Energy to unlock the huge commercial potential for distributed renewable heat which is key to tackling climate change and allowing energy users greater choice and financial flexibility.”

Will Brocklebank, Managing Director, Earthworm, said: “This solution is tremendously exciting because it offers a better way for customers around the world to harness solar energy to displace fossil fuels used in heating, cooling and energy generation.  Naked Energy’s design also enables its customers to generate heat and power from a wider range of roofs, walls and other surfaces compared to traditional solar PV products, which all helps our transition to a greener energy mix.  We are delighted to join Christophe and the team on this exciting journey.”

A spokesperson for Taqa Holdings confirmed: ”The Group sees this as a highly strategic investment that complements the adoption of a more sustainable business model for our own energy consumption.  We also see the potential to introduce and promote Virtu to our wider network as the Group expands its interests in the renewable energy sector.“

 
Location
United Kingdom
Related Focus Area
Urban Transitions
Related Goal
Goal 1: Promote retrofit and decentralised energy
Articles you may be interested in
In The News
A new air and climate plan for Milan

The City Council of Milan approved the Air and...

A new air and climate plan for Milan
In The News
Meet the three EIT Climate-KIC innovators nominated for EIT Awards

Three innovators from EIT Climate-KIC’s community have been nominated...

Meet the three EIT Climate-KIC innovators nominated for EIT Awards
In The News
100 European cities take up the challenge to become carbon neutral by 2030

On Monday 13 June, the representatives of the 100...

100 European cities take up the challenge to become carbon neutral by 2030
In The News
The role of cities and regions in transforming wood value chains

Climate smart forest economies It’s a crucial decade for...

The role of cities and regions in transforming wood value chains
In The News
Glasgow City Region pioneering forest economy innovation to drive climate acti...

Scotland’s largest city region is actively tackling climate change...

Glasgow City Region pioneering forest economy innovation to drive climate action
In The News
Forging sustainable timber construction in Europe

EIT Climate-KIC and Built by Nature, announce an initiative...

Forging sustainable timber construction in Europe
In The News
EIT Climate-KIC launches new Circularity Thinking training programme

EIT Climate-KIC is launching Circularity Thinking courses to tackle...

EIT Climate-KIC launches new Circularity Thinking training programme
In The News
EIT Climate-KIC announces four winners of EIT Community Booster

EIT Climate-KIC selected four cleantech start-ups to be part...

EIT Climate-KIC announces four winners of EIT Community Booster
In The News
Science reveals last paths to stop irreversible planetary damage

Climate change is going to get worse, but curbing global warming is...

Science reveals last paths to stop irreversible planetary damage
In The News
EIT Community presents New European Bauhaus Ideation Awards winners

Supported by the EIT Community, the New European Bauhaus...

EIT Community presents New European Bauhaus Ideation Awards winners
In The News
EIT Climate-KIC joins forces with the Government of Ireland to stimulate clima...

The Ministry of Agriculture, Food and the Marine of...

EIT Climate-KIC joins forces with the Government of Ireland to stimulate climate innovation in the agri-food sector
In The News
Climate Lab: EIT Climate-KIC co-initiates hotspot for Vienna’s climate ambit...

Climate Lab in Vienna will give climate actors an...

Climate Lab: EIT Climate-KIC co-initiates hotspot for Vienna’s climate ambitions
In The News
Seven takeaways from the latest IPCC report

On 28 February, the IPCC Sixth Assessment Report (AR6)...

Seven takeaways from the latest IPCC report
In The News
EIT launches new Global Outreach website

The European Institute of Innovation and Technology (EIT) has...

EIT launches new Global Outreach website
In The News
EIT Climate-KIC and Amazon launch call for sustainable start-ups

Working on transformative, systemic innovation to accelerate a net-zero...

EIT Climate-KIC and Amazon launch call for sustainable start-ups
In The News
Votes open for the 2021 New European Bauhaus Ideation Awards – Audience Awar...

Do you want to support innovative solutions that integrate...

Votes open for the 2021 New European Bauhaus Ideation Awards – Audience Award
In The News
Brill Power’s new innovation radically increases battery life and storag...

Brill Power, supported by EIT Climate-KIC, has launched the...

Brill Power’s new innovation radically increases battery life and storage capacity
In The News
EIT Climate-KIC CEO Dr. Kirsten Dunlop gives TEDx Talk

EIT Climate-KIC CEO Dr. Kirsten Dunlop delivered a talk,...

EIT Climate-KIC CEO Dr. Kirsten Dunlop gives TEDx Talk
In The News
Putting theory into practice: EIT Climate-KIC Pioneer innovating the Greek mar...

To tackle complex climate challenges, we need a broader...

Putting theory into practice: EIT Climate-KIC Pioneer innovating the Greek maritime sector
In The News
EIT launches call for proposals to boost innovation in Higher Education Instit...

Unlocking the potential of higher education institutions for innovation...

EIT launches call for proposals to boost innovation in Higher Education Institutions
In The News
Dolomites forging climate resilience

The Italian Dolomites, a UNESCO World Heritage Site, are...

Dolomites forging climate resilience
In The News
People-powered resilience: Andalusia announces new climate action plan

The region’s climate action plan has been announced, with...

People-powered resilience: Andalusia announces new climate action plan
In The News
Built by Nature: new initiative to accelerate the transition to sustainable co...

The built environment accounts for close to 40 per...

Built by Nature: new initiative to accelerate the transition to sustainable construction in cities
In The News
The State of California and EIT Climate-KIC advance partnership for climate in...

Glasgow, 8 November – The California Governor’s Office of...

The State of California and EIT Climate-KIC advance partnership for climate innovation
In The News
COP26: UN Climate Change and EIT Climate-KIC partner to establish new Global I...

A new digital Global Innovation Hub has been launched at...

COP26: UN Climate Change and EIT Climate-KIC partner to establish new Global Innovation Hub
In The News
ClimateLaunchpad announces 2021 competition winners

EIT Climate-KIC’s ClimateLaunchpad – the world’s largest green business...

ClimateLaunchpad announces 2021 competition winners
In The News
EIT Cross-KIC New European Bauhaus launches Ideation – Deadline Extended

EIT Climate-KIC has launched a call for ideas on...

EIT Cross-KIC New European Bauhaus launches Ideation – Deadline Extended
In The News
Call for proposals: Scaling the New European Bauhaus Ventures

The European Institute of Innovation and Technology (EIT) has...

Call for proposals: Scaling the New European Bauhaus Ventures
In The News
Glasgow City Region in the race to resilience

Glasgow, which is hosting this year’s UN Climate Change...

Glasgow City Region in the race to resilience
In The News
Gipuzkoa’s quest for sustainability

Gipuzkoa, the smallest Spanish province located in the Basque...

Gipuzkoa’s quest for sustainability