Energy Dome secures €55 million in Series B financing round
Energy Dome, the manufacturer of novel CO2 Battery for long-duration energy storage system concluded its second tranche of Series B funding last week, bringing the total investments to EUR 55 million (USD $60M).
Energy Dome will utilize the new investments to expand its global footprint – specifically to make significant investment into full commercial scaling mode worldwide and execute 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 which will be operational by the end of 2024.
The first tranche of the Series B funding, totaling EUR 40 million, was completed in April 2023, co-led by Eni Next, the corporate venture capital arm of Eni, and Neva SGR, the venture capital arm of Intesa Sanpaolo. Joining the first round were prominent investors, including Japan Energy Fund, Barclays' Sustainable Impact Capital, CDP Venture Capital, 360 Capital, Novum Capital Partners, Gruppo Brixia, and Elemental Excelerator.
In the second tranche, Energy Dome attracted new investors, these 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 Royal Vopak, the world's leading tank storage company, and
- Investors represented by Sagana, an impact investing advisory firm focusing on human and planetary health.
Additionally, existing investors, 360 Capital, and CDP Venture Capital, continued their support and participation in the second tranche.
"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.
"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," Spadacini added.
Energy Dome also signed a memorandum of understanding with Oman Investment Authority to explore potential areas of collaboration in the Sultanate of Oman.