UK solar energy heats up with £5.25m Naked Energy raise
- Nov 26, 2019 5:00 pm GMT
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Naked Energy says its Virtu systems converts more of the sun's power into heat and power than its rivals.
Naked Energy, the UK firm behind hybrid solar technology that generates both heat and power has won a £5.25m cash boost from its financial backers.
The firm says its technology, known as 'Virtu', is more efficient than traditional solar PV panels as it generates both heat and electricity. It claims peak efficiency can hit 80 per cent, converting 20 per cent of the sun's energy to electricity and 60 per cent to heat, while only needing half the space of conventional PV panels.
Will Brocklebank is managing director of UK environmental fund manager Earthworm, which is one of Naked Energy's main backers. He called the technology "tremendously exciting"
"Naked Energy's design enables its customers to generate heat and power from a wider range of roofs, walls and other surfaces compared to traditional solar PV products, which all helps our transition to a greener energy mix," he said.
Naked Energy plans to use the capital to boost its sales and marketing operations, including international distribution partnerships, and volume production and automation.
Alongside Earthworm, backers include international investors Taqa Holdings, with additional investment from existing shareholders and new investors supported by Ethical Fin, Fonte Capital, Green Angel Syndicate and Syndicate Room.