September 25 (Renewables Now) - UK solar heat technology company Naked Energy has launched a Series B funding round seeking to raise GBP 30 million (USD 36.8m/EUR 34.6m) to support its international expansion and scale the production of its technology.
Naked Energy offers two types of collectors -- VirtuPVT, which combines solar photovoltaic (PV) and solar heat technology to produce electricity and heat up to 75 degrees C, and VirtuHOT, which generates solar heat up to 120 degrees C. The company says its products can decarbonise heat cost-effectively and with limited space.
The firm, which has received backing from Barclays, Nesta and ELM Companies, is now looking to secure growth capital. It has appointed the Energy and Power team at Piper Sandler Ltd to lead the fundraising.
“We are committed more than ever to moving businesses and communities off natural gas as demand for renewable energy continues to skyrocket. As governments around the world roll out new green investment strategies, the direction of travel could not be clearer,” commented chief executive Christophe Williams.
The news comes after UK Prime Minister Rishi Sunak last week angered the renewables sector with plans to backtrack on net zero policies.
(GBP 1 = USD 1.226/EUR 1.153)