Naked Energy, a provider of solar thermal and solar PVT solutions, secured £17 million (~$22.06 million) in a Series B funding round led by E.ON Energy Infrastructure Solutions (E.ON EIS), a provider of integrated, sustainable energy solutions for cities and industries. The series was supported by co-investment from existing investor Barclays through its Sustainable Impact Capital.
“Heat decarbonization presents a huge economic opportunity. With investment from such major industry players, we’re confident we can capitalize on this global shift and look forward to other like-minded investors joining us on our journey to ‘change energy for good,” said Christophe Williams, CEO of Naked Energy.
E.ON EIS is part of the E.ON Group, a European operator of energy networks and infrastructure and a strategic partner to Naked Energy. T E.ON Group Innovation initiated the partnership through the global accelerator program Free Electrons.
The partnership between E.ON and Naked Energy is expected to facilitate the provision of Naked Energy’s technology through a “Heat-As-A-Service” model to a global client base. The two companies are working on a pipeline of projects across multiple territories.
“Naked Energy’s solutions have distinctive and convincing value propositions. We will utilize them to help our customers, in industries such as Food & Beverage and Hospitality, to decarbonize their businesses profitably. We are looking forward to scaling our joint business activities, both from an E.ON perspective and on Naked Energy’s board of directors,” said Daniel Joisten, Head of Innovation Commercialization at E.ON Energy Infrastructure Solutions.
Piper Sandler served as the exclusive corporate finance advisor to Naked Energy on the transaction.
According to Mercom’s recently released 1H and Q2 2024 Solar Funding and MA report, VC funding for solar activity decreased 29% YoY, with $2.7 billion raised in 29 deals in 1H 2024 compared to $3.8 billion from 33 deals in the first half of 2023.
Last month, Swift Solar, a company that designs and manufactures Perovskite-based photovoltaic cells, raised $27 million in a Series A funding round co-led by Eni Next, Eni’s corporate venture capital arm, and Fontinalis Partners, a mobility and deep tech VC firm that invests in startup companies.
