Startup

Hybrid solar panel that heats water while generating electricity raises £1M funding

Hybrid solar panel

Recently, UK’s one of the most active impact fund, Nesta Impact Investments announced a new £50m strategy to support early-stage tech businesses. Consequently, now British solar tech startup Naked Energy announced a £1 million investment from Nesta.

The new funds will power up the solar heat and power tech developer to continue expanding their engineering and commercial teams and scale the production of their cutting-edge solar technology.

The announcement follows the opening of Naked Energy’s Series B funding round, which targets at least £10 million to meet the increased demand for green energy globally and accelerate the decarbonisation of heat.

The deal comes as part of a funding round that has already seen investment from the likes of Barclays and ELM Companies, and during an exciting period for solar thermal. The International Energy Agency predicts solar thermal will be used in 30% of buildings globally by 2050, and Naked Energy’s Virtu technology is proving instrumental in this expansion.

Hybrid solar heat and electricity panel

Founded in 2011 by Christophe Williams, Naked Energy’s Virtu collector combines high efficiency solar photovoltaic (PV) and solar thermal technology to generate both electricity and heat from a single collector, and their unique modular design makes them the world’s highest energy density solar technology. They let homeowners simultaneously enjoy solar electricity and hot water from one panel.

The VirtuHOT collector, which generates solar heat, received the gold standard TUV Rheinland certification last year, and both technologies are proven to be 3-4x more efficient than commonly seen solar panels, and perfect for businesses with high heat demand but limited roof space.

Christophe Williams, CEO and founder of Naked Energy, says: “At Naked Energy, we’re always looking for investors who share our long-term green vision, and Nesta is clearly aligned with our mission to deliver climate impact at scale.

“We’re delighted to be supported by Nesta’s Impact Investment team. With Nesta’s help we’re looking forward to being able to increase the rate at which we decarbonise heat – an issue that we need to urgently address in order to reach net zero.”

Alex Hook, Senior Investment Director at Nesta, says: “We are delighted to invest in Naked Energy, our first investment which is aligned to Nesta’s Sustainable Future goal to decarbonise UK households.

“Virtu, the technology that Naked Energy has developed, is revolutionising the solar energy space, with potential to meaningfully remove carbon from the built environment. This sits at the heart of Nesta’s goal to decarbonise UK households and we look forward to working hand in hand with Naked Energy to accelerate its growth and impact.”

The post Hybrid solar panel that heats water while generating electricity raises £1M funding appeared first on Tech Funding News.

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