June 30 (Renewables Now) - Italian long-duration energy storage company Energy Dome SpA on Tuesday said it has completed an USD-11-million ( EUR 10.5m) convertible funding round, led by the Evolution Fund of Italy’s CDP Venture Capital Sgr and existing investor Barclays (LON:BARC).
Another existing investor, Swiss family office Novum Capital Partners, also took part in the bridge funding round.
The fundraise follows an USD-11-million Series A funding round in November 2021, which allowed Energy Dome to complete its 2.5-MW/4-MWh commercial demonstration plant in Sardinia, Italy. The new funding precedes a Series B round planned for later in 2022 and will help the company accelerate commercial deployment of its CO2 Battery. More specifically, the funding will enable it to place purchase orders for equipment for its first utility-scale 10-hour duration project of 20 MW/200 MWh. It has a memorandum of understanding with utility A2A SpA (BIT:A2A) for this inaugural project.
Energy Dome’s process uses CO2 as a working fluid in a closed loop to store renewable energy for up to 24 hours and send it to the grid when needed.
(USD 1 = EUR 0.951)