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
Four EIT Climate-KIC innovators nominated for EIT Awards

Four EIT Climate-KIC innovators have been nominated to win...

Four EIT Climate-KIC innovators nominated for EIT Awards
In The News
EIT Climate-KIC selected to advise European Commission on sustainable finance

The newly created EU Platform on Sustainable Finance brings...

EIT Climate-KIC selected to advise European Commission on sustainable finance
In The News
bound4blue’s innovative wingsail technology gathers recognition across Europe

Cristina Aleixendri, Co-founder and COO of the Spanish start-up...

bound4blue’s innovative wingsail technology gathers recognition across Europe
In The News
EIT Climate-KIC and Glasgow City Region join forces, helping the region innova...

Home to one third of Scotland’s population and provider...

EIT Climate-KIC and Glasgow City Region join forces, helping the region innovate to become climate resilient
In The News
Cassetex from Bangladesh, Sosei from Uruguay and Carbon Craft Design from Indi...

More than 3,000 entrepreneurs from 56 countries participated in...

Cassetex from Bangladesh, Sosei from Uruguay and Carbon Craft Design from India win the seventh edition of ClimateLaunchpad
In The News
World’s biggest green business ideas competition now fully digital, free and...

The three-day Grand Global Final of the EIT Climate-KIC supported...

World’s biggest green business ideas competition now fully digital, free and accessible to all
In The News
Three cities building back better: Madrid, Milan and Amsterdam

EIT Climate-KIC will host a session at the 18th...

Three cities building back better: Madrid, Milan and Amsterdam
In The News
EIT Climate-KIC to work with Google on Impact Challenge

EIT Climate-KIC is delighted to announce that it will...

EIT Climate-KIC to work with Google on Impact Challenge
In The News
What role can finance play in the green recovery? EIT Climate-KIC and UNEP Fin...

EIT Climate-KIC, in partnership with the UNEP Finance Initiative,...

What role can finance play in the green recovery? EIT Climate-KIC and UNEP Finance Initiative ask leading thinkers to weigh in
In The News
EIT Climate-KIC supports European green recovery with €4 million for start-u...

EIT Climate-KIC is investing €4 million in nine climate...

EIT Climate-KIC supports European green recovery with €4 million for start-ups affected by COVID-19
In The News
The City Finance Lab calls on urban leaders to help build back better

Organised by sustainability expert South Pole, the competition for...

The City Finance Lab calls on urban leaders to help build back better
In The News
EIT Climate-KIC supported cities – Leuven, Milan, Valencia and Vienna no...

Twelve cities are in the final stage of the...

EIT Climate-KIC supported cities – Leuven, Milan, Valencia and Vienna nominated as European Capital of Innovation 2020
In The News
The climate emergency demands bold policy innovations – can cities d...

While the challenges of climate change and a global...

The climate emergency demands bold policy innovations – can cities deliver? 
In The News
EIT Climate-KIC joins circular economy side event at UN High Level Political F...

“Bold leaders are needed to drive a collaborative approach...

EIT Climate-KIC joins circular economy side event at UN High Level Political Forum on Sustainable Development
In The News
EIT Climate-KIC and Silesian Metropolis join forces to transform Europe’s la...

EIT Climate-KIC and the Metropolitan Association of Upper Silesia...

EIT Climate-KIC and Silesian Metropolis join forces to transform Europe’s largest coal region in the face of the climate crisis
In The News
Anders Wijkman represents EIT Climate-KIC at the International Society for the...

Speaking online at the inaugural Conference of IS4CE—the International...

Anders Wijkman represents EIT Climate-KIC at the International Society for the Circular Economy Conference
In The News
EIT Climate-KIC receives €8.4 million for innovation projects that stimulate...

Eleven climate innovation projects across Europe tackling COVID-19 related...

EIT Climate-KIC receives €8.4 million for innovation projects that stimulate job creation and support a post COVID-19 green recovery
In The News
CEO Kirsten Dunlop represents EIT Climate-KIC at Climate Policy Forum

On 25 June, EIT Climate-KIC attended the Climate Policy...

CEO Kirsten Dunlop represents EIT Climate-KIC at Climate Policy Forum
In The News
EIT Climate-KIC supported LOOP-Ports project wins prestigious sustainability a...

The LOOP-Ports project, led by the Fundación Valenciaport  and funded by EIT Climate-KIC,...

EIT Climate-KIC supported LOOP-Ports project wins prestigious sustainability award
In The News
EIT Climate KIC joins roundtable as Republic of Korea moves Green Deal forward

On 24 June, EIT Climate-KIC attended the 7th Green...

EIT Climate KIC joins roundtable as Republic of Korea moves Green Deal forward
In The News
EIT Climate-KIC shines at the GLF Bonn Digital Conference, the year’s la...

EIT Climate-KIC’s Director of Sustainable Land Use and member...

EIT Climate-KIC shines at the GLF Bonn Digital Conference, the year’s largest global digital conference on the environment
In The News
EIT Climate-KIC supported Climeworks raises over €67 million to expand its c...

Climeworks, the world leader in capturing CO2 from air,...

EIT Climate-KIC supported Climeworks raises over €67 million to expand its carbon dioxide removal capacities
In The News
EIT Climate-KIC supported Zeleros raises €7 million for the development of h...

EIT Climate-KIC supported Zeleros Hyperloop has completed a financing...

EIT Climate-KIC supported Zeleros raises €7 million for the development of hyperloop in Europe
In The News
EIT Climate-KIC is restructuring to deliver systems transformation for climate...

EIT Climate-KIC is restructuring to provide “systems transformation as...

EIT Climate-KIC is restructuring to deliver systems transformation for climate change