Energy Dome, the company behind the CO2 Battery™, an innovative long-life energy storage solution, announces the closing of the second tranche of its Series B financing. This brings the total amount raised to €55 million (approximately $60 million). The first tranche of 40 million euros was closed in April 2023, with the participation of investors such as Eni Next and Neva SGR.
Energy Dome opens up to the world: new investors and ambitious green projects
In this second phase of financing, Energy Dome has attracted new investors, including Innovation Development Oman Investments, Vopak Ventures and investors represented by Sagana. Investors already present in the first tranche, such as 360 Capital and CDP Venture Capital, also reinvested in this stage.
Energy Dome’s main objective is to contribute to the fight against climate change by offering a solution for decarbonizing electricity. The technology developed by the company makes it possible to use solar and wind power continuously, eliminating the intermittency that can hamper the integration of renewable energies into the power grid.
With these new funds, Energy Dome plans to expand its activities worldwide and pursue the development of a pipeline of projects with a total capacity of over nine GWh. These projects are destined for utilities, independent power producers and businesses on five continents.
Energy Dome and the CO2 Battery™: towards accelerated decarbonization of the power grid
Part of the funding will also help finalize the 20 MW, 200 MWh CO2 Battery™ project, scheduled to be operational by the end of 2024.
Claudio Spadacini, founder and CEO of Energy Dome, welcomed the arrival of new investors and stressed the importance of their support for the company’s mission to accelerate the decarbonization of the electricity grid. He also highlighted the benefits of CO2 Battery™ technology for customers, offering unrivalled flexibility and reliability.
In addition to its development efforts, Energy Dome has signed a memorandum of understanding with the Oman Investment Authority to explore collaboration opportunities in the Sultanate of Oman.
This new injection of funds and Energy Dome’s ambitious plans are testimony to the growing importance of long-life energy storage solutions in the transition to cleaner, more sustainable energy sources.