Energy Dome Expands Oversubscribed Series B Financing Round, Totalling EUR 55 Million (USD 60M)
Energy Dome, the company behind the CO2 Battery™, the innovative long-duration energy storage solution, today announced the close of its second tranche of Series B funding, bringing the overall round to a total of EUR 55 million (USD 60M). The EUR 40 million first tranche of the Series B round closed in April 2023; it was co led by Eni Next, the corporate venture capital arm of Eni, and Neva SGR, the venture capital arm of Intesa Sanpaolo. Other investors that joined the first round included Japan Energy Fund, Barclays’ Sustainable Impact Capital, CDP Venture Capital, 360 Capital, Novum Capital Partners, Gruppo Brixia and Elemental Excelerator.
New investors in the second tranche of the Series B round include:
- Innovation Development Oman Investments, the venture capital arm of Oman Investment Authority, the sovereign wealth fund of the Sultanate of Oman;
- Vopak Ventures, the corporate venture capital arm of the world’s leading tank storage company, Royal Vopak; and
- Investors represented by Sagana, an impact invessng advisory firm focused on human and planetary health.
Existing investors 360 Capital and CDP Venture Capital also invested in the second tranche of the round. Specifically, for CDP Venture Capital, this deal inaugurates the operation of the new Green Transition Fund, which uses resources allocated by the EU through the NextGeneration EU initiative with the aim of stimulating the growth of an innovation ecosystem in green transition sectors.
Energy Dome’s purpose is to enable humanity to address climate change urgency with a product, available today, that decarbonizes electricity. The decarbonization is made possible by making solar and wind energy completely dispatchable, removing the intermittency that has kept renewables from integrating into the grid.
The additional funding will enable Energy Dome to enter full commercial scaling mode on a global basis, while further fueling Energy Dome’s growth as it executes on a project pipeline of more than nine GWh for utilities, independent power producers and corporations across
five continents. The capital will also be used to complete Energy Dome’s 20MW, 200MWh CO2 Battery™ project under development that the company is planning to have operational by the end of 2024.
“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,” said Claudio Spadacini, founder and CEO of Energy Dome.
Spadacini added, “We offer our customers unparalleled flexibility and value. They can either enter into long-term capacity offtake agreements with Energy Dome, where we will fund, build, own, and operate the CO2 Battery™ for the customer under a Storage-as-a-Service model. This allows the customer to have reliable, clean and affordable power far below the cost of pumped hydro or Lithium Ion. Alternatively, the customer can opt to buy the CO2 Battery™ directly from Energy Dome with a performance guarantee under an Original Equipment Manufacturer model.”
Energy Dome also signed a memorandum of understanding (MOU) with Oman Investment Authority to explore potential areas of collaboration in the Sultanate of Oman.
About Energy Dome
Energy Dome is revolutionizing energy storage and enabling grid decarbonization by making solar and wind power dispatchable 24/7. The company invented and developed the CO2 Battery™, a long-duration energy storage system that makes long-duration energy storage viable globally today. The properties of carbon dioxide allow the system to store energy efficiently and cost-effectively, with a modular and site-independent footprint. CO2 Batteries™ use readily available, off-the-shelf components from reliable, existing supply chains, providing a scalable pathway to store massive amounts of intermittent renewable energy and accelerate the energy transition. For more information, please visit www.energydome.com.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230720682499/en/
Contact information
Brent Shelton
PRforEnergyDome@bospar.com
About Business Wire
Business Wire(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
H.I.G. Capital Announces the Sale of DGS S.p.A.11.6.2024 12:00:00 CEST | Press release
H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $62 billion of capital under management, is pleased to announce that an affiliate has signed a definitive agreement to sell its portfolio company, DGS S.p.A. (“DGS” or the “Group”), a leading firm in the Italian Information Technology market, to DGS Co-Founders and management team in partnership with ICG, a global alternative asset manager. Since its inception in 1997, DGShas supported blue-chip customers in the design, integration, and maintenance of complex IT systems, with a specialization in digital transformation and cybersecurity services. The Group currently has over 1,900 employees, revenues of approximately €300 million, and maintains a group of highly loyal clientele. During H.I.G.’s ownership, DGS has tripled in size and consolidated its position as a leading Italian firm in cybersecurity services and digital transformation. DGS offers its clients sophisticated and proprietary digital transformation
Evertas Names Nick Selby Head of European Underwriting11.6.2024 12:00:00 CEST | Press release
Evertas, the world’s first crypto insurance company, has named Nick Selby as its new Head of European Underwriting. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611141887/en/ Nick Selby, Executive Vice President and Head of European Underwriting at Evertas (Photo: Business Wire) Selby, an accomplished information and physical security professional, brings two decades of expertise in public and private sector information security, physical security, and complex incident handling, as well as seven years of experience leading teams securing billions of dollars in cryptoassets. Previously, his roles included VP of the Software Assurance Practice at Trail of Bits, Chief Security Officer at Paxos Trust Company, and Director of Cyber Intelligence and Investigations at the NYPD Intelligence Bureau. “Nick is an extremely valuable addition to our European team,” said Evertas CEO and Co-Founder J. Gdanski. “His public and private
Owlet utvider globalt fotavtrykk med lanseringen av medisinsk-sertifisert Dream Sock™ i Storbritannia og over hele Europa11.6.2024 11:00:00 CEST | Pressemelding
Owlet, Inc. («Owlet» or the «Company») (NYSE:OWLT), pioneren innen smart spedbarnsovervåking, kunngjør i dag den britiske og europeiske lanseringen av Dream Sock. Dette er en smart babymonitor med levende helseavlesninger og varsler for friske spedbarn mellom 0-18 måneder og 2,5-13,6 kg. Dette innovative medisinske utstyret gir foreldre helse og viktig informasjon i sanntid, noe som gir uovertruffen trygghet. Denne pressemeldingen inneholder multimedia. Se hele pressemeldingen her: https://www.businesswire.com/news/home/20240611820341/no/ (Photo: Business Wire) «Vi er svært stolte over å lansere Dream Sock til omsorgspersoner over hele Storbritannia og Europa og gi millioner av foreldre mer trygghet mens babyen sover,» sa Kurt Workman, Owlets administrerende direktør og medgründer. «Dream Sock er nå et globalt produkt som er anerkjent som medisinsk nøyaktig og trygt, etter å ha gjennomgått regulatoriske autorisasjoner og sertifiseringer innenfor flere geografier. I dag er misjonen vår
V-Nova Surpasses 1000 Patent Milestone in Media Technology Innovation11.6.2024 10:00:00 CEST | Press release
V-Nova, a leading provider of data compression solutions, video compression technology, XR technology, AI acceleration and parallel processing for a multitude of industries including media and entertainment, today announced its milestone achievement of 1000 active technology patents. This accomplishment underscores V-Nova’s dedication to research and development and its commitment to protecting its intellectual property globally. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611724561/en/ V-Nova’s patent portfolio spans more than 50 different jurisdictions. Including over 400 patents in Europe, over 200 in the Americas, over 100 in the United States specifically, and over 200 in Asia. V-Nova forged new directions in data processing to enhance digital experiences, maximize efficiency, reduce costs, and increase sustainability. The company leads the way with key international data compression standards for the video indust
Alipay+ Reveals Top Scorer Trophy Design for UEFA EURO 2024™11.6.2024 09:24:00 CEST | Press release
Alipay+, a suite of cross-border mobile payment and digitalization technology solutions operated by Ant International and an Official Partner of UEFA EURO 2024™, today revealed the trophy that will be awarded to the most prolific marksman at the UEFA EURO 2024™ finale on July 14 in Berlin, Germany. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240610328619/en/ The UEFA Top Scorer Trophy presented by Alipay+ is unveiled for UEFA EURO 2024™ (Photo: Business Wire) Sculpted in the shape of the Chinese character “支” (pronounced zhi, and meaning payment as well as support), the trophy reflects Alipay+’s dedication to supporting consumers to enjoy seamless payment and a broad choice of deals using their preferred payment methods while traveling abroad. The character also resembles the fleeting moment of a barefooted striker poised to shoot, evoking the original beauty and power of football – a game that united people across the wo