Series B funding round — Naked Energy
Summary
Funds raised will go towards major US expansion and further global expansion This follows successful bridge funding round led by Barclays as part of its Sustainable Impact Capital Programmeopening of its Series B funding round - targeting \xa310 million-plus to meet increased demand forMoney raised will aid the firms rapid global expansion and fund the ongoing development of itsworld-beating solar thermal tubes, which are three to four times more efficient than traditionaltechnology to generate both electricity and heat from a single collector, and their modularThe VirtuHOT collector, which generates solar heat, recently received the gold standard T\xdcVinternational certification. Both technologies will be instrumental to the decarbonisation of heatin sectors from manufacturing to hotels and leisure centres.The announcement follows investment from Barclays, ELM Companies, and Big Sky Partners, allof which has enabled the ambitious scale-up to launch in the US.The funding from Barclays has come from the banks Sustainable Impact Capital Programme,which has a mandate to spend \xa3175 million of equity capital in sustainability-focused start-upsby 2025. With the announcement of our Series Bfunding round, were excited to grow our business even further and tap into new markets aroundWere delighted that a leading investor like Barclays sees the opportunity in decarbonisingheat - and its significant presence in the US will help us with our move into this new market.Its an incredibly exciting time for the business and we are looking for investors who shareNaked Energys green vision. Decarbonising heat on a global scale is needed urgently to addressFor more details, contact Abigail Smith at Harpswood,As part of the firms broader commitments, Barclays will invest \xa3175m of its own capital, led by the Principal Investments team, in fast-growing, innovative, environmentally-focused companies whose values are aligned with those of Barclays and which target the goals and timelines of the Paris Agreement. Investments will be strategic to Barclays, its clients and the communities it serves, with clear scalable propositions that deliver both environmental benefits and economic returns.