Energy Dome, a Milan, Italy-based provider of utility-scale long-duration energy storage solutions, closed an $11m bridge funding round.
The convertible funding was led by the Evolution Fund of CDP Venture Capital Sgr, together with existing investor Barclays, through their Sustainable Impact Capital program which funds early-stage companies accelerating the transition to a net-zero future. The round was also joined by Swiss family office Novum Capital Partners, an existing shareholder in Energy Dome.
This latest bridge funding will allow the company to accelerate its development in advance of the Series B round by placing purchase orders for the long lead time turbomachinery equipment associated with its First of a Kind utility scale (20MW, 200MWh, 10-hour duration) energy storage projects.
Led by Claudio Spadacini, founder and CEO, Energy Dome is an energy storage solution provider that is unlocking renewable energy by making solar and wind power dispatchable using the CO2 Battery. Its low-cost energy storage technology is based on a novel industrial process which integrates off-the-shelf components using established supply chains.