Energy storage startup Energy Dome announced today that it has raised €55 million ($60 million) in the second tranche of its Series B funding round, with proceeds aimed at scaling the global commercialization of its utility-scale storage solution, the CO2 Battery.
Founded in 2019, Milan, Italy-based 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 an energy storage fluid at ambient temperature, and providing energy when the CO2 warms up, expands and turns a turbine to generate electricity, for dispatch into the grid as needed.
According to Energy Dome, the new financing round will support its full commercial scaling worldwide, accelerating the company’s growth as it undertakes a project pipeline of over nine GWh for utilities, independent power producers, and corporations over five continents.
New investors joining the funding round included Innovation Development Oman Investments, Vopak Ventures, and investors represented by impact investing advisory firm Sagana. Existing investors participating in the tranche included CDP Venture Capital, with the investment kicking off the operations of its new Green Transition Fund, and 360 Capital.
Claudio Spadacini, Founder and CEO of Energy Dome, said:
“I am delighted to extend a warm welcome to our new investors joining Energy Dome on our mission to decarbonize the grid. Our technology can play a key role in enabling humanity to address the urgency of climate change without waiting until 2030.”