Solar firm Naked Energy secures £5.25m from investors

The Virtu technology is said to deliver a peak efficiency of 80%, converting 20% of the sun’s energy to electricity and 60% as heat

Crawley-based solar company Naked Energy has secured funding worth £5.25 million from investors.

Its ‘Virtu’ technology generates both heat and power and is said to be much more efficient than conventional solar photovoltaic products.

The company claims it can deliver a peak efficiency of 80%, converting 20% of the sun’s energy to electricity and 60% as heat.

It adds the compact, novel design of VirtuPVT means its solar panels need up to 50% less space than conventional PV panels to generate the same financial savings and up to 300% less to deliver the same carbon savings.

Environmental fund manager Earthworm Group led the round, with co-investment from Taqa Holdings and additional investment from Ethical Fin, Fonte Capital, Green Angel Syndicate and Syndicate Room.

The capital raise will be used to accelerate Naked Energy’s sales and marketing efforts, including international distribution partnerships, as well as volume production and automation.

Christophe Williams, Co-founder and CEO of Naked Energy said: “We are delighted to complete the latest and most important funding round to date. New investment enables Naked Energy to unlock the huge commercial potential for distributed renewable heat which is key to tackling climate change and allowing energy users greater choice and financial flexibility.”

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