Solar Tech Startup Receives £1 Million Investment from Nesta
Nesta Impact Investments, the UK's most active impact fund, recently launched a new £50 million strategy to support early-stage innovation startups. As a result, Naked Energy, a British solar tech startup, has announced a £1 million investment from Nesta.
With the new funds, the solar heat and power technology company will be able to keep growing its engineering and sales teams and make more of its cutting-edge solar technology.
The statement comes on the heels of the launch of Naked Energy's Series B funding round, which aims to raise at least £10 million to fulfil the rising demand for green energy globally and expedite heat decarbonisation.
The transaction is part of a capital round that has already included Barclays and ELM Companies, and it comes at an exciting time for solar thermal. The International Energy Agency projects that solar thermal will be used in 30% of buildings worldwide by 2050, and Naked Energy's Virtu technology helps accelerate this growth.
Christophe Williams started Naked Energy in 2011. Its Virtu collector combines high-efficiency solar photovoltaic (PV) and solar thermal technologies so that a single collector can produce both electricity and heat. Its unique modular design makes it the world's most energy-efficient solar technology. They let homeowners simultaneously enjoy solar electricity and hot water from one panel.
Last year, the gold standard TUV Rheinland certification was given to the VirtuHOT collector, which makes solar heat. Both technologies are 3–4 times more efficient than typical solar panels and are perfect for businesses that need a lot of heat but don't have much roof space.
Christophe Williams, CEO and founder of Naked Energy, says: “At Naked Energy, we’re always looking for investors who share our long-term green vision, and Nesta is clearly aligned with our mission to deliver climate impact at scale.
“We’re delighted to be supported by Nesta’s Impact Investment team. With Nesta’s help, we’re looking forward to being able to increase the rate at which we decarbonise heat—an issue that we need to urgently address to reach net zero.”
Alex Hook, Senior Investment Director at Nesta, says: “We are delighted to invest in Naked Energy, our first investment that is aligned with Nesta’s Sustainable Future goal to decarbonise UK households.
“Virtu, the technology that Naked Energy has developed, is revolutionising the solar energy space and has the potential to meaningfully remove carbon from the built environment. This sits at the heart of Nesta’s goal to decarbonise UK households, and we look forward to working hand in hand with Naked Energy to accelerate its growth and impact.”