Naked Energy, a UK-based solar heat start-up, has raised GBP 17 million (USD 22 million/EUR 20 million) in a Series B funding round led by E.on Energy Infrastructure Solutions (E.on EIS). The round also received co-investment from existing investor Barclays through its Sustainable Impact Capital.
The funding aims to support Naked Energy's growth plans and facilitate its global expansion. The start-up, known for its solar thermal collectors named Virtu, entered into a strategic partnership with German energy company E.on SE in October 2023 as part of E.on Group Innovation's global accelerator programme Free Electrons.
The investment will grant E.on EIS access to Naked Energy's Virtu product range for its commercial and industrial customers. Both companies are looking to deliver Naked Energy's technology through a heat-as-a-service model to a global client base.
“It's clear that both E.ON and Barclays share our sense of urgency to decarbonise heat. Heating takes up over half of all energy consumed globally, and as the demand for renewable heat continues to rise, we're committed more than ever to supporting the commercial and industrial sectors in their transition away from natural gas,” said Naked Energy CEO Christophe Williams.
This investment underscores the growing demand for renewable heat solutions as the world moves towards decarbonization and the reduction of reliance on natural gas.
