Energy Dome, a leading provider of utility-scale long-duration energy storage solutions, has announced the successful closing of an $11 million bridge funding round.
The convertible funding was led by the Evolution Fund of CDP Venture Capital Sgr, together with existing investor Barclays, through their Sustainable Impact Capital program which funds early-stage companies accelerating the transition to a net-zero future. CDP Venture Capital Sgr is an asset management company with over €1,6 billion of AuM, aiming to make Venture Capital a strategic pillar to Italy’s economic growth and innovation and creating the conditions for a comprehensive and sustainable growth of the ecosystem. The round was also joined by Swiss family office Novum Capital Partners, an existing shareholder in Energy Dome.
With the closing of this latest convertible round, Energy Dome has now raised a total of nearly $25M since the company emerged from stealth mode in February 2020.
The latest bridging round has closed in advance of Energy Dome’s Series B round, which is planned for later in the year. The convertible funding follows the Series A funding round in November 2021, which was also $11M and led by 360 Capital, Barclays, Novum Capital Partners and Third Derivative.
Energy Dome’s rapid technological development motivates the speed and frequency of the funding rounds. The Series A enabled the company to complete its 2.5MW / 4MWh commercial demonstration plant in Sardinia, Italy, the final step of technology de-risking. Energy Dome has begun the commercialization of the CO2 Battery. This latest bridge funding will allow the company to accelerate its development in advance of the Series B round by placing purchase orders for the long lead time turbomachinery equipment associated with its First of a Kind utility scale (20MW, 200MWh, 10hour duration) energy storage projects. A Memorandum of Understanding for this first utility scale project has been signed with A2A, a major European utility, and the company is making strong progress on its commercial pipeline.
Energy Dome’s innovative technology is based on a novel industrial process which integrates off-the-shelf components using established supply chains. The core engineering team has worked together for over a decade in previous ventures and bring deep expertise in process engineering and turbomachinery.
Energy Dome’s emission-free energy storage method uses CO2 as a working fluid in a closed loop to store renewable energy from four to 24 hours and then dispatch it back to the grid when needed, a critical missing piece of the puzzle in the energy transition.
“This important achievement will sustain our ambitious growth,” said Claudio Spadacini, founder and CEO of Energy Dome. “I would like to welcome CDP Venture Capital Sgr into our team and to thank them, Barclays, and Novum Capital Partners for their trust in Energy Dome as we’re poised to become a leading solution provider for the long-duration energy storage market.”
“Energy Dome is a potential game changer in the green energy transition” said Mario Scuderi, Responsible of Evolution Fund, CDP Venture Capital Sgr, “We believe in this enthusiastic team with great experience, innovative technologies and big ideas ready to scale internationally starting from Italy”.
“Energy Dome’s technology plays an important role in the transition to renewables, addressing the need for viable energy storage solutions. Their launch into the market is an exciting next step in Energy Dome’s journey, and we are delighted to continue our partnership as they scale up for the future.” said James Ferrier, Head of Sustainable Impact Capital at Barclays.