The long-duration energy storage company Energy Dome, creator of the CO2 Battery™ storage solution, has successfully closed a 40 million euro series B investment round, enabling global commercial scaling for its innovative product.
Milan-based Energy Dome is an up-and-coming energy pioneer, looking to provide long-term solutions for energy storage and power grid decarbonization by utilizing dispatchable solar and wind power alternatives.
The company invented CO2 Battery™ – an energy storage system that allows cost-effective storage of vast amounts of renewable energy.
In a Series B investment round led by venture capital companies Eni Next and Neva SGR, Energy Dome managed to secure funds amounting to approximately $44 million, which will allow the company to expand its team and global operations and accelerate the commercialization of its CO2 Battery™ design.
The company attracted significant interest from worldwide investors by managing to scale from basic infrastructure to full commercial-scale deployment in just three years.
In this period, it built a network of facilities, independent power producers, and engaged corporate customers from flourishing markets, resulting in an efficient pipeline running at more than 9 GWh in bustling markets like Europe, the U.S., Australia, South America, and India.
The Series B investors included companies that also chose to support Energy Dome in previous financing rounds, such as Barclays’ Sustainable Impact Capital, CDP Venture Capital, Novum Capital Partners, and 360 Capital. Some of the new companies joining the round include Japan Energy Fund and Elemental Excelerator.
Future development plans for the company include making two standard 20MW–200MWh frames commercially operational by the end of 2024.
Preparations for this project are underway, with the first unit already being manufactured in collaboration with key suppliers.
Another key growth focus will be expanding the scope of global operations and entering the U.S. market.