Energy Dome Closes €40M Series B Financing

Energy Dome, a Milan, Italy-based company advancing a long-duration energy storage solution, raised €40M in Series B funding.

The round was led by Eni Next, and Neva, with follow-on investment from Barclays’ Sustainable Impact Capital, CDP Venture Capital, and Invitalia via its Evolution Fund, Novum Capital Partners, 360 Capital,  Japan Energy Fund, and Elemental Excelerator.

The company intends to use the funds to enter full commercial scaling mode on a global basis. The funding will enable further commercialization of its technology around the world and will support the expansion of the team in key markets, with a specific focus on the U.S.

Led by CEO Claudio Spadacini, Energy Dome invented and developed the CO2 Battery, a long-duration energy storage system that makes long-duration energy storage viable globally today. The properties of carbon dioxide allow the system to store energy efficiently and cost-effectively, with a modular and site-independent footprint. CO2 Batteries use readily available, off-the-shelf components from reliable, existing supply chains, providing a pathway to store massive amounts of intermittent renewable energy and accelerate the energy transition.

Energy Dome is already working with several utilities, independent power producers and corporate customers in key markets, resulting in a qualified pipeline that exceeds 9GWh in markets such as the U.S., Europe, South America, India and Australia. The first unit is already under manufacturing, with the longest leading items being manufactured by key suppliers.