Naked Energy announces £17m to boost global expansion

The round was led by E.ON Energy Infrastructure Solutions (E.ON EIS), a provider of integrated, sustainable energy solutions for cities and industry. E.ON EIS is part of E.ON Group, one of the largest energy network and infrastructure operators in Europe and a strategic partner of Naked Energy.

The partnership was initiated by E.ON Group Innovation as part of its global Free Electrons accelerator program, where E.ON’s innovation team identified the advanced Naked Energy technology.

The strategic partnership was formed in October 2023 and enables the partners to continuously expand their collaboration and scale the solution. The series was supported by a co-investment from existing investor Barclays through Sustainable Impact Capital.

Naked Energy’s Virtu solar collectors feature modular design and high energy density solar technology.

E.ON EIS will benefit from access to Virtu’s innovative product range for its commercial and industrial customers. The relationship between E.ON and Naked Energy will facilitate the delivery of Naked Energy’s technology via a Heat-As-A-Service model to a global customer base. Both companies are already working on a number of projects across multiple territories.

Naked Energy has sold its Virtu range of products to over 20 countries and is well-known in the UK and Europe, where it has signed contracts with industrial and commercial clients such as IHG Hotels & Resorts and Mandarin Oriental Hyde Park in London.

The IEA Renewables Report 2023 forecasts that the share of heat from renewable energy sources will increase by more than 40 percent worldwide from 2023 to 2028. As a result of this agreement, Naked Energy is well positioned to capitalize on this growing opportunity for renewable heat technologies.

The company has manufacturing facilities in the UK and Europe and plans to begin production this year in Dallas, Texas, in partnership with its US distribution partner ELM Solar.

“This first wave of investment in our Series B round is transformational for our journey and a major step in the broader movement to decarbonise heat,” said Christophe Williams, CEO of Naked Energy. “It is clear that both E.ON and Barclays share our sense of urgency to decarbonise heat. Heating accounts for over half of all the energy used globally and as demand for renewable heat continues to grow, we are more committed than ever to supporting the commercial and industrial sectors in their transition away from natural gas. Decarbonising heat presents a huge economic opportunity. With investment from such major industry players, we are confident that we can capitalise on this global shift and we look forward to other like-minded investors joining us on our journey to ‘change energy for good’.”

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