UPDATED 07:00 EDT / JULY 20 2023


Sustainable energy storage startup Energy Dome extends Series B funding to €55M

Clean energy storage startup Energy Dome S.p.A. said today it has closed on a €15 million extension of its Series B funding round, bringing its amount raised to €55 million, or about $60 million.

The Series B extension was led by Innovation Development Oman Investments and saw participation from Vopak Ventures, investors represented by Sagana, 360 Capital Partners and CDP Venture Capital’s Green Transition Fund. It follows the close of the first tranche of Energy Dome’s Series B in April, which was co-led by Eni Next and Neva SGR, with participation from Japan Energy Fund, Barclays’ Sustainable Impact Capital, CDP Venture Capital, 360 Capital, Novum Capital Partners, Gruppo Brixia and Elemental Excelerator.

Energy Dome has attracted a lot of attention from the investment community because it has come up with a clever way to integrate clean energy into electricity grids with its carbon dioxide-based batteries.

The startup has created a closed thermodynamic process that involves condensing CO2 and storing it as a liquid under pressure at ambient temperatures. It enables high-density storage of energy generated by renewable sources, without needing to operate at extreme cryogenic temperatures, the company explained.

The process involves manipulating CO2 between its gaseous and liquid phase. Whenever energy is required, its battery works by warming up the CO2, allowing it to evaporate and expand in order to turn a turbine that generates electricity.

By storing CO2 at ambient temperature, Energy Dome says, it can reduce the storage costs associated with compressed air energy storage, which is the traditional process used to store energy from renewable sources such as wind farms. It enables energy generated during periods of low demand to be released during periods of peak demand, thereby solving the problem of intermittency that has largely kept renewable energy from being extensively integrated into the power grid.

“Our technology can play a key role in enabling humanity to address the urgency of climate change without waiting until 2030,” said Energy Dome founder and Chief Executive Claudio Spadacini.

Energy Dome plans to offer its technology through the “CO2 Battery,, which is a dome-shaped energy storage facility containing liquid CO2 vessels, a compressor and a turbine, enabling renewable power to be stored in any location. According to Spadacini, Energy Dome will build its own CO2 batteries to offer energy storage-as-a-service to companies. Alternatively, he added, customers will be able to buy and operate their own CO2 batteries.

In addition to backing today’s round, the Oman Investment Authority has signed a memorandum of understanding with the company to explore how its technology can be integrated within Oman’s electrical grid.

Energy Dome said the funds will be used to enter full commercial scaling mode globally and ensure that its 20 megawatt-hour and 200-megawatt-hour CO2 batteries are operational by 2024.

Images: Energy Dome

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