British solar tech developer Naked Energy has opened its Series B funding round – targeting £10m-plus to fund its Stateside expansion plans and to fund its product innovations.
This includes ongoing development of its solar thermal tubes, which Naked Energy argues are three to four times more efficient than traditional PV panels.
Its products target large facilities rather than households, such as manufacturing plants, hotels and leisure centres looking to reduce their reliance on fossil fuels.
Naked Energy’s products include the VirtuPVT collector – which combines solar photovoltaics (PV) and solar thermal technology to generate both electricity and heat from a single collector.
The announcement follows investment from Barclays, ELM Companies, and Big Sky Partners, all of which has enabled the company to launch in the US.
Co-investor ELM Companies will distribute Naked Energy’s solar thermal and photovoltaic thermal (PVT) products in California, Texas, Arizona and ELM’s home state Illinois.
ELM, an industry leader in microgrids and energy storage, has set up a solar division and plans to build a factory to manufacture Naked Energy products in Texas.
Silicon Valley VC firm Big Sky Partners has also invested in the company.
Meanwhile, Gavin Chapman, Managing Director of Principal Investments, will join Naked Energy’s board as a non-executive director.
Christophe Williams, chief executive and co-founder of Naked Energy, said: “The wave of investment we’ve received has allowed us to scale our operations. With the announcement of our Series B funding round, we’re excited to grow our business even further and tap into new markets around the globe.”