Energy Dome, a provider of long-duration energy storage solutions, has closed the second tranche of its Series B funding round with €15 million (~$16.7 million), bringing the total amount raised in the oversubscribed round to €55 million (~$61 million).
The company secured €40 million (~$44 million) in the first tranche of its Series B round earlier this year. Eni Next and Neva SGR led the round, joined by previous investors. According to Mercom Data, energy dome has raised a total of $83 million so far.
The second round saw participation from new investors, including Innovation Development Oman Investments, the venture capital arm of Oman Investment Authority, the sovereign wealth fund of the Sultanate of Oman; Vopak Ventures, the corporate venture capital arm of the tank storage company, Royal Vopak; and Investors represented by Sagana, an impact investing advisory firm focused on human and planetary health.
Existing investors 360 Capital and CDP Venture Capital also invested in the second tranche of the round.
The funding is expected to help Energy Dome finish its 20 MW, 200 MWh CO2 energy storage project, which the company aims to have running by the end of 2024.
“We offer our customers unparalleled flexibility and value. They can either enter into long-term capacity offtake agreements with Energy Dome, where we will fund, build, own, and operate the CO2 Battery for the customer under a Storage-as-a-Service model. This allows the customer to have reliable, clean, and affordable power far below the cost of pumped hydro or Lithium Ion. Alternatively, the customer can opt to buy the CO2 Battery directly from Energy Dome with a performance guarantee under an Original Equipment Manufacturer model,” said Claudio Spadacini, founder and CEO of Energy Dome.
Energy Dome also signed a memorandum of understanding (MOU) with Oman Investment Authority to explore potential areas of collaboration in the Sultanate of Oman.
According to Mercom’s recently released 1H And Q2 2023 Funding and M&A Report for Storage & Smart Grid, Corporate funding in Energy Storage bounced back in Q2 2023 with $4.9 billion raised in 32 deals, a 126% increase quarter-over-quarter (QoQ).