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.