The Italian company behind the CO2 Battery secures additional investment to scale global product commercialization and expedite time-to-market.
Energy Dome, the company behind the CO2 Battery, the innovative long-duration energy storage solution, today announced it has closed a 40 million euro (circa $44 million) Series B funding round. The financing round was led by Eni Next, the corporate venture capital arm of Eni. Eni Next invests in high-growth startups to boost the energy transition to a zero-carbon future. Its portfolio includes startups with the most disruptive technologies, such as energy storage and fusion. The round was co-led by Neva SGR, the venture capital company of Intesa Sanpaolo, one of Europe’s largest banking groups. Climate tech and energy transition technologies are among the key areas of the investment strategy for Neva SGR.
Existing investors have followed Energy Dome’s Series B round, confirming their belief in the potential of the company and the team behind it, including Barclays’ Sustainable Impact Capital, CDP Venture Capital, Italian asset management company owned by CDP Equity Spa, and Invitalia, with the aim of fostering the development of all players in the innovation ecosystem via its Evolution Fund, Novum Capital Partners, a Swiss multi-family office via its investors, and 360 Capital, a Paris- and Milan-based VC with the utility A2A as one of the main limited partners. Also joining the round is Japan Energy Fund, a specialized climate tech venture fund representing entities including Biprogy, Enechange, Mitsui Sumitomo Trust Bank and Toshiba Energy Systems. Participants in the Series B include Elemental Excelerator, a U.S. nonprofit investor focused on climate tech.
This financing round brings invested-in capital in Energy Dome to some 54 million euros. Proceeds from this investment will enable Energy Dome to enter full commercial scaling mode on a global basis.
After the successful closing, Claudio Spadacini, Energy Dome’s Founder and CEO, shared his message to the market: “Imagine a system that can store renewable energy with 75% RTE (AC-AC, MV-MV) and a cost which is half the cost of lithium. A system that has no degradation over 30 years and that is made of just steel, water and CO2. Now imagine that that system is made of existing and well-known components that any power plant operator is capable of maintaining and operating, and those components are deployable at GWh scale globally with no bottlenecks on the supply chain or specific site constraints".
"Our CO2 Battery is ready for the market and, after closing the Series B round, we are ready to guarantee its performance to any customer that is real about getting rid of fossil fuels and substituting with dispatchable renewable energies”
Claudio Spadacini, Energy Dome’s Founder and CEO
Energy Dome’s solution for long-duration energy storage is achieving an enthusiastic reception in the global marketplace. Energy Dome is already working with several utilities, independent power producers and corporate customers in key markets, resulting in a qualified pipeline that exceeds 9GWh in markets such as the U.S., Europe, South America, India and Australia. The company’s short-term objective is to keep up the momentum gained so far; Energy Dome went from start of operation to full commercial-scale deployment in just three years and will have two standard 20MW-200MWh frames commercially operational by the end of 2024. The first unit is already under manufacturing, with the longest leading items being manufactured by key suppliers.
With participation from well-capitalized international investors, this Series B round will enable further commercialization of Energy Dome’s technology around the world and will support the expansion of Energy Dome’s team in key markets, with a specific focus on the U.S.
The use of proceeds of the round will serve to provide financial guarantees to customers as a demonstration that this team is ready to put their “skin in the game” alongside their customers in deploying the CO2 Battery. The investment will also support Energy Dome’s business expansion in the U.S. in order to leverage at maximum from the opportunities deriving from the Inflation Reduction Act and the associated Investment Tax Credits available for utility-scale energy storage.
Energy Dome is revolutionizing energy storage and enabling grid decarbonization by making solar and wind power dispatchable 24/7. The company invented and developed the CO2 Battery, a long-duration energy storage system that makes long-duration energy storage viable globally today. The properties of carbon dioxide allow the system to store energy efficiently and cost-effectively, with a modular and site-independent footprint. CO2 Batteries™ use readily available, off-the-shelf components from reliable, existing supply chains, providing a pathway to store massive amounts of intermittent renewable energy and accelerate the energy transition.