UK solar heat firm Naked Energy seeks GBP 10m in Series B funding round

Image by Naked Energy Ltd on Linkedin.

July 15 (Renewables Now) - UK solar heat technology developer Naked Energy this week said it is opening its Series B funding round, seeking to raise more than GBP 10 million (USD 11.8m/EUR 11.8m) to support its global expansion and the ongoing development of its solar thermal tubes.

The company’s VirtuPVT collector combines solar photovoltaics (PV) and solar thermal technology to produce both electricity and heat, and can help decarbonise heat in sectors such as manufacturing, hotels and leisure centres.

Naked Energy said the move follows a bridge funding round led by Barclays (LON:BARC), as part of the bank's Sustainable Impact Capital Programme, ELM Companies and Silicon Valley venture capital firm Big Sky Partners.

ELM Companies, a microgrids and energy storage specialist, will distribute Naked Energy’s products in California, Texas, Arizona and Illinois. It also plans to build a factory to make the UK firm’s products in Texas, according to the announcement.

(GBP 1 = USD 1.183/EUR 1.183)

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Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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