Solar collector developer Naked Energy raises USD 6.9m in funding

The Virtu solar collector. Source: Naked Energy

November 27 (Renewables Now) - Naked Energy, a UK-based engineering company that develops a hybrid solar collector, announced earlier in the week it had completed a capital raise of GBP 5.25 million (USD 6.9m/EUR 6.3m).

Environment fund manager Earthworm Group and international conglomerate Taqa Holdings Ltd led the funding round, with existing shareholders and new investors backed by Ethical Fin, Fonte Capital, Green Angel Syndicate and Syndicate Room providing the rest of the capital.

Naked Energy is currently developing and testing its patented hybrid solar collector Virtu, which generates power as well as heat. The new technology has a peak efficiency of 80%, with 20% of the energy converted to electricity and 60% to heat. Thanks to the compact design, less space is required for increased energy generation.

The company said it would use the new funding to step up its sales and marketing efforts, including international distribution partnerships, while also spending on volume production and automation.

(GBP 1.0 = USD 1.31/EUR 1.19)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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