Italian CO2 battery firm Energy Dome has recently been awarded with €17.5 million funding from the European Innovation Council (EIC) by recognizing its CO2 battery technology long-duration energy storage solution as "a game changer in the energy transition" and support its deployment.
This is the largest amount made available by the EIC Accelerator funding program, which is Europe's flagship funding program to identify, fund and scale-up breakthrough innovations in strategic areas, including energy storage.
The investment will be made through the EIC Fund, a unique entity owned by the European Commission to make grants and direct equity investments in companies with promising cleantech solutions.
Energy Dome was selected through a highly competitive process from more than 1000 companies that submitted a full application, according to the company's press statement.
"This strategic support by the European Commission will enable Energy Dome to accelerate the scale up of our business and the deployment of CO2 Batteries across global markets," said Claudio Spadacini, Founder and CEO of Energy Dome.
Long-duration energy storage is the missing link to a fully decarbonized energy market, as it increases grid flexibility and enables the safe and efficient integration of renewables into global electrical grids.
Currently, there is a significant technological gap in the market, for which the CO2 Battery is the perfect solution, by providing high-efficiency energy storage at a competitive cost and using readily available, off-the-shelf components that make this technology available to customers globally, claims Energy Dome.
The EIC Fund joins other strategic investors, including Barclays, 360 Capital, CDP Venture Capital SGR and Novum Capital Partners, that have invested a total of $ 25 million in Energy Dome.
The company claims that the properties of carbon dioxide allow the system to store energy efficiently and cost-effectively, with a modular and site-independent footprint.
Further, CO2 batteries are said to use readily available, off-the-shelf components from reliable and existing supply chains, providing a pathway to store massive amounts of intermittent renewable energy and accelerate the energy transition.
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