UK solar energy heats up with £5.25m raise
A solar energy tech firm has raised £5.25 million to boost its international expansion and production.
Headquartered in Crawley, West Sussex, Naked Energy is a design, innovation and engineering company behind pioneering Virtu technology, a patented hybrid solar collector.
Virtu generates both heat and power, which the firm says makes it more efficient than conventional solar photovoltaic (PV) products. It claims it can deliver a peak efficiency of 80 per cent, converting 20 per cent of the sun’s energy to electricity and 60 per cent as heat.
On a typical commercial flat roof, conventional PV panels need up to 50 per cent more space than VirtuPVT to generate the same financial savings – and up to 300 per cent more to deliver the same carbon savings, according to Naked Energy.
Environmental fund manager Earthworm Group led the round with co-investment from Taqa Holdings. Additional investment came from existing shareholders and new investors supported by Ethical Fin, Fonte Capital, Green Angel Syndicate and Syndicate Room.
The capital raise will accelerate the company’s sales and marketing efforts including international distribution partnerships, as well as volume production and automation.
“We are delighted to complete the latest and most important funding round to date,” said Naked Energy co-founder and CEO Christophe Williams (below).
“New investment enables Naked Energy to unlock the huge commercial potential for distributed renewable heat which is key to tackling climate change and allowing energy users greater choice and financial flexibility.”
Will Brocklebank, MD at Earthworm, commented: “This solution is tremendously exciting because it offers a better way for customers around the world to harness solar energy to displace fossil fuels used in heating, cooling and energy generation.
“Naked Energy’s design also enables its customers to generate heat and power from a wider range of roofs, walls and other surfaces compared to traditional solar PV products, which all helps our transition to a greener energy mix.
“We are delighted to join Christophe and the team on this exciting journey.”