Crawley, UK-based solar company Naked Energy has secured a Series A worth $7M US (5.25M GBP) from Earthworm Group.
The company claims it can deliver a peak efficiency of 80%, converting 20% of the sun’s energy to electricity and 60% as heat. It adds the compact, innovative design of VirtuPVT means its solar panels require around 50% less space than conventional PV panels to generate exactly the same financial savings and around 300% less to deliver exactly the same carbon savings.
It’s ‘Virtu’ technology generates both heat and power and can be said to be more effective than conventional solar photovoltaic products.
Interesting pitch video of theirs from April, 2018 for their first round of capital through SyndicateRoom.
Getting More Out of Solar Energy | Naked Energy Pitch
The capital raise will be used to accelerate Naked Energy’s sales and marketing campaigns, 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. 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.â€
Christophe Williams, Naked Energy co-founder and CEO
Environmental fund manager Earthworm Group led the round, with co-investment out of Taqa Holdings and additional investment from Ethical Fin, Fonte Capital, Green Angel Syndicate and Syndicate Room.
Some good names behind them, and interesting product, time will tell if they are ready for prime time.
