Great British Energy and Barclays Climate Ventures have invested almost £8.9m in Naked Energy, a West Sussex-based renewable heat technology company.
Naked Energy’s technology generates renewable heat directly at the point of use, reducing gas demand without adding pressure to the electricity grid and helping businesses keep their energy bills stable when gas prices spike.
The funding round was led by Great British Energy, which is investing £7.5m through its Energy Engineered in the UK programme, with Barclays Climate Ventures participating as an existing shareholder.
The combined investment will support Naked Energy’s plans to establish a new UK-based manufacturing facility for its Virtu solar-thermal technology, creating up to 40 direct skilled jobs and around 100 indirect roles.
“The UK has world-class engineering capability and the opportunity to lead a rapidly growing global market for renewable heat,” says Christophe Williams, founder and CEO of Naked Energy.
“Great British Energy’s investment will enable us to establish a major UK manufacturing base, reduce production costs and scale a British-designed technology platform that combines advanced solar collectors, system design and digital monitoring.”
Great British Energy is a renewable energy company that is 100% owned by the British people. It was established to drive investment in renewable power, create jobs and help deliver the UK’s renewable energy ambitions.
“Cutting our reliance on gas is one of the biggest challenges we face, both for energy security and for keeping bills down,” says Dan McGrail, CEO of Great British Energy.
“Naked Energy has developed a technology that tackles this head on and when you see it working at iconic UK institutions like the British Library and Wimbledon, you understand what is possible.”
