Milan-based Energy Dome, the company behind the CO2 Battery, announced on Thursday that it has closed the second tranche of Series B funding at €15M, bringing the overall round to a total of €55M.
The announcement comes three months after raising the first tranche of the Series B round at €40M in April.
The investors who participated in the Series B round (first and second tranche) includes EniNext (Eni), NEVA SGR, Japan Energy Fund, Barclays’ Sustainable Impact Capital (Barclays), CDP Venture Capital SGR, 360 Capital, NOVUM CAPITAL PARTNERS SA, Gruppo Brixia, Elemental Excelerator, IDO Investments , Vopak Ventures (Vopak), and investors supported by SAGANA.
Innovation Development Oman Investments, the venture capital arm of Oman Investment Authority, the sovereign wealth fund of the Sultanate of Oman, also participated in the second tranche.
The company says the funds will enable it to enter full commercial scaling mode on a global basis while further fueling its 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 the company’s 20MW, 200MWh CO2 Battery project under development that it is planning to have operational by the end of 2024.
Besides, the Italian company also signed a memorandum of understanding (MOU) with Oman Investment Authority to explore potential areas of collaboration in the Sultanate of Oman.
Energy Dome: Long-duration energy storage innovator
Energy Dome is a company with revolutionary technology for large scale and long duration energy storage.
Founded by Claudio Spadacini, Dario Rizzi and Francesco Oppici, Energy Dome is changing how we store energy and helping the environment by making solar and wind power available all day, every day.
The company created a CO2 Battery, a long-duration energy storage system that makes energy storage viable globally today.
It works based on a thermodynamic process that uses CO2 to store electricity cost-effectively with unprecedented round-trip efficiencies.
The company says that with this technology, it is possible to store large quantities of energy for long periods of time anywhere without any site dependency and deliver all the typical services of utility-scale storage systems, including grid regulation services, maximising investment returns for customers.
Claudio Spadacini, founder and CEO of Energy Dome, says, “We offer our customers unparalleled flexibility and value. They can 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.”
He adds, “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.”
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