British company Naked Energy, specialised in solar heat production, has announced the opening of a new office in Madrid to support its expansion into Spain and Portugal. This move comes amid a growth phase backed by a £17mn ($21.2mn) funding round led by Barclays and E.ON Energy Infrastructure Solutions.
Deployment of innovative solar thermal technology
Naked Energy stands out in the solar energy market with its Virtu thermal solar collectors, designed to produce heat up to 120 °C. Unlike conventional photovoltaic (PV) panels, this technology converts solar energy directly into usable heat. The VirtuHOT collectors generate heat, while the hybrid VirtuPVT models produce both electricity and heat up to 75 °C. The latter is the world’s first evacuated hybrid solar collector to receive TÜV gold certification.
The company claims its collectors can be up to ten times more efficient than traditional PV panels. The technology primarily targets commercial buildings, healthcare facilities, hotels and industrial operations with continuous heat demand.
A response to energy vulnerabilities in the Iberian market
The expansion into Spain and Portugal comes as the Iberian Peninsula faces increasing strain on its electricity infrastructure. The region experienced significant blackouts this year, highlighting the limits of the power grid under rising energy demand. Naked Energy’s off-grid solutions allow local businesses to reduce dependency on the grid while managing operational costs.
The Iberian market holds strong potential for solar heat, which represents over half of the region’s energy demand. By focusing on this segment, Naked Energy is pursuing a growth strategy based on decarbonised thermal use at regional scale.
Strengthening local presence and growth strategy
To lead this expansion, Naked Energy has appointed Luis Guajardo as Head of Business Development for Iberia. An industrial engineer by training, Guajardo brings over 15 years of experience in the water, industrial and energy sectors. He previously oversaw the expansion of German company Rädlinger Primus Line in the region.
This move into Spain follows a manufacturing agreement in the United States with ELM Solar, aimed at producing the company’s solar collectors in Texas. Naked Energy currently reports commercial activity in 20 countries, with flagship projects in the United Kingdom including the British Library and Mandarin Oriental hotel.
