Energy Dome has closed a €40 million Series B financing round. The lead investor in the deal was Eni Next, Eni’s corporate venture capital firm. The round was co-led by Neva SGR, the venture capital firm of Intesa Sanpaolo.
This round brings the capital invested in Energy Dome to about €54 million. Proceeds from this investment will enable Energy Dome to fully enter the commercial growth phase on a global scale.
Read more about Energy Dome and what the company plans to do with the money raised in its latest financing round, and find the most important financial news of the day with the Born2Invest mobile app.
The Evolution of Energy Dome
The system implemented by Energy Dome, Spadacini had explained, stores energy at times of excess, releasing it when production demand intensifies more. Unlike a thermochemical system, such as that of lithium batteries, it uses machines that can compress CO2 to 65 atmospheres in order to turn it into a liquid state and ensure that the energy expended is stored efficiently.
Finally, the CO2 is re-gasified and re-expanded in a turbine to return the power absorbed from the grid to the grid itself and fed back into a reservoir, the Dome. By doing so, the process of electricity delivery can take place throughout the day, overcoming the limitations posed by, for example, solar photovoltaic and wind systems, whereby electricity production depends on the presence of the natural source.
Prominent in Energy Dome’s future plans is Sardinia, identified nationally and internationally as the first Italian island to be a candidate for becoming 100 percent green. It is here that the Varese-based startup intends to build the first commercial demonstration plant for clean energy storage. The first in a series destined to increase more and more, thanks in part to the impressive allocation from the Recovery Fund, which has set aside nearly €70 billion for Mission 2, the one dedicated to the energy transition.
Goals of the round
The use of proceeds from the round will be used to provide financial guarantees to customers demonstrating that this team is ready to get involved alongside its customers who are interested in using CO2 Battery technology. The investment will also support the expansion of Energy Dome’s operations in the United States in order to take full advantage of opportunities arising from the Inflation Reduction Act and the significant investment tax benefits available for large-scale energy storage.
“Our CO2 Battery is ready for market and, after closing the Series B round, we are ready to guarantee its performance to any customer who really wants to get rid of fossil fuels and replace them with renewable energy,” said Spadacini, commenting on the deal.
Existing investors participated in the investment, including Barclays’ Sustainable Impact Capital, CDP Venture Capital, with a focus on fostering the development of all players in the innovation ecosystem through its Evolution Fund, Novum Capital Partners, a Swiss multi-family office through its investors, and 360 Capital, a VC based in Paris and Milan with the utility A2A as one of the main investors in the VC fund.
Also joining the round was the Japan Energy Fund, a venture capital fund specializing in sustainable transition technologies representing entities such as Biprogy, Enechange, Mitsui Sumitomo Trust Bank, and Toshiba Energy Systems. Finally, an additional participant in the Series B round is Elemental Excelerator, a U.S. investor focused on CleanTech technologies.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in StartupItalia, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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