Energy Dome Closes $11M Convertible Round to Accelerate Commercial Deployment of CO2 Battery
MILAN–(BUSINESS WIRE)–Energy Dome, a leading provider of utility-scale long-life energy storage solutions, today announced the successful close of an $11 million bridge funding round .
The convertible funding was led by CDP Venture Capital Sgr’s Evolution fund, together with existing investor Barclays, as part of their Sustainable Impact Capital program which funds start-up companies accelerating the transition to a net zero future. CDP Venture Capital Sgr is an asset management company with more than 1.6 billion euros of assets under management, aiming to make venture capital a strategic pillar of economic growth and innovation in Italy and to create the conditions for global and sustainable growth of the ecosystem. The round was also joined by Swiss family office Novum Capital Partners, an existing shareholder of Energy Dome.
With the closing of this latest convertible round, Energy Dome has now raised a total of nearly $25 million since the company exited stealth mode in February 2020.
The last transition cycle was closed ahead of Energy Dome’s Series B cycle, which is scheduled for later in the year. The convertible funding follows the Series A funding round in November 2021, which was also $11 million and led by 360 Capital, Barclays, Novum Capital Partners and Third Derivative.
Energy Dome’s rapid technology development drives the speed and frequency of funding rounds. Series A enabled the company to complete its 2.5 MW/4 MWh commercial demonstration plant in Sardinia, Italy, the final step in de-risking technology. Energy Dome has started marketing the CO2 battery. This latest bridge financing will allow the company to accelerate its development ahead of the Series B round by placing purchase orders for the long-lead turbomachinery equipment associated with its large-scale First of a Kind energy ( 20 MW, 200 MWh, 10 hour duration) storage projects. A memorandum of understanding for this first utility-scale project has been signed with A2A, a major European utility, and the company is making strong progress on its commercial pipeline.
Energy Dome’s innovative technology is based on a new industrial process that integrates off-the-shelf components using established supply chains. The core engineering team has worked together for over a decade in previous ventures and brings deep expertise in process engineering and turbomachinery.
Energy Dome’s emission-free energy storage method uses CO2 as the working fluid in a closed loop to store renewable energy for four to 24 hours, then feed it back into the grid when needed, a missing piece part of the energy transition puzzle.
“This significant achievement will support our ambitious growth,” said Claudio Spadacini, Founder and CEO of Energy Dome. “I would like to welcome CDP Venture Capital Sgr to our team and thank them, along with Barclays and Novum Capital Partners, for their confidence in Energy Dome as we become a leading solution provider for the long-term energy storage market. ”
“Energy Dome is a potential game changer in the green energy transition,” said Mario Scuderi, Head of Evolution Fund, CDP Venture Capital Sgr, “We believe in this enthusiastic team with great experience, innovative technologies and great ideas ready to move internationally from Italy”.
“Energy Dome’s technology is playing an important role in the transition to renewable energy, addressing the need for viable energy storage solutions. Their market launch is an exciting next step in Energy Dome’s journey, and we’re excited to continue our partnership as they evolve into the future. said James Ferrier, head of sustainable impact capital at Barclays.
About the Energy Dome
Energy Dome is an energy storage solution provider that unlocks renewable energy by making solar and wind energy dispatchable using the CO2 battery. Led by a team with a proven track record of energy industry innovation, Energy Dome’s low-cost energy storage technology is helping to accelerate the global transition to renewable energy by enabling greater penetration of renewable energies on the network. For more information, please visit www.energydome.com.
Barclays Sustainable Impact Capital
As part of wider corporate commitments, Barclays will invest £175 million of its own capital, led by the Principal Investments team, in fast-growing, innovative and environmentally focused businesses whose values are aligned with those of Barclays and which target the goals and deadlines of the Paris Agreement. The investments will be strategic for Barclays, its customers and the communities it serves, with clear scalable propositions that deliver both environmental benefits and economic returns. To learn more, click here.
Novum Capital Partners
Novum Capital Partners (NCP) is a Multi Family Office based in Geneva. NCP was founded with one key goal: to provide peace of mind to ultra-affluent families. Our partners have shared the vision of building a financial services company that is completely independent of banks, providing trusted advice to a limited number of clients based on a holistic understanding of their needs and wealth – and delivering services that go far beyond those of a traditional company. multi-family office. NCP now has 23 employees, of 14 different nationalities, serving 20 families, with financial assets of over CHF 2.2 billion (over CHF 5 billion in total family wealth).
About 360 Capital: Early Stage European Venture Capitalist
360 Capital is a venture capital firm that invests in early-stage innovative technology and digital companies across Europe. The company has 20 years of experience supporting talented technology entrepreneurs in building ambitious and disruptive businesses across a variety of industries. Led by a diverse and experienced team of professionals located in Paris and Milan, 360 Capital has €400 million in assets under management and an active portfolio of over 50 companies. For more information: www.360cap.vc