Energy storage solutions provider Energy Dome announced today that it has raised $11 million in a convertible funding round aimed at helping the company to scale the commercial deployment of its CO2-based utility-scale energy storage solution.
The round was co-led by CDP Venture Capital Sgr’s Evolution Fund and Barclays, through its Sustainable Impact Capital program, and was joined by Swiss family office Novum Capital Partners.
Mario Scuderi, Responsible of Evolution Fund, CDP Venture Capital Sgr, said:
“Energy Dome is a potential game changer in the green energy transition. We believe in this enthusiastic team with great experience, innovative technologies and big ideas ready to scale internationally starting from Italy”.
Energy storage solutions are emerging as a key energy transition investment area. Storage forms one of the major building blocks for the rapidly expanding clean energy transition, given the intermittent generating nature of many sources of renewable energy, such as wind and solar, and the need to satisfy round-the-clock energy demand, while ensuring that energy is not wasted.
Founded in 2019, Energy Dome enables expanded use of renewable energy by making solar and wind power dispatchable using its CO2 Battery, utilizing thermodynamic processes to use CO2 as a working fluid that stores energy for up to 24 hours, which can be dispatched back to the grid as needed.
James Ferrier, Head of Sustainable Impact Capital at Barclays, said:
“Energy Dome’s technology plays an important role in the transition to renewables, addressing the need for viable energy storage solutions. Their launch into the market is an exciting next step in Energy Dome’s journey, and we are delighted to continue our partnership as they scale up for the future.”
Proceeds from the funding will be used to help the company accelerate the commercial deployment of the CO2 Battery. The company stated that it will place purchase orders for the long lead time turbomachinery equipment associated with its utility scale 20MW, 200MWh, 10-hour duration energy storage projects.
With the closing of this latest financing, the company has now raised a total of nearly $25 million since February 2020, with another round planned for later this year.
Claudio Spadacini, Founder and CEO of Energy Dome, said:
“This important achievement will sustain our ambitious growth. I would like to welcome CDP Venture Capital Sgr into our team and to thank them, Barclays, and Novum Capital Partners for their trust in Energy Dome as we’re poised to become a leading solution provider for the long-duration energy storage market.”