Energy Dome secures USD 11 Mn bridge funding from CDP Venture

By Tejaswita Tiwari  | Date: 2022-06-29

Energy Dome secures USD 11 Mn bridge funding from CDP Venture

Energy Dome, a leading solution provider of long-duration energy storage, has reportedly closed a convertible round of USD 11 million.

The bridge funding round was initiated by CDP Venture Capital Sgr’s Evolution Fund along with current investors Barclays through its Sustainable Impact Capital program. The program finances upcoming companies striving to achieve net-zero emissions.

For the uninitiated, CDP Venture Capital is an asset management firm with an AuM of USD 1.68 billion (€1.6 billion). The company intends to increase Venture Capital’s contribution to the economic growth of Italy.

Current shareholder Novum Capital Partners also took part in the funding round. With the closure of this latest round, Energy Dome has now secured USD 25 million since its re-emergence in February 2020.

The convertible funding comes on the heels of the company’s Series B round planned for late 2022. This round follows the USD 11 million Series A round that closed in November 2021. That round was initiated by Barclays, 360 Capital, Third Derivative, and Novum Capital Partners.

The rapid technological development of Energy Dome is responsible for the frequency and speed of these funding rounds. The Series A round allowed the company to commercial demonstration plant of 2.5MW / 4MWh in Sardinia, Italy.

The company has initiated the CO2 Battery commercialization. This recent round will enable the company to expedite its development in anticipation of the Series B round by ordering long lead time turbomachinery equipment related to its unique utility-scale energy storage projects.

For this utility project, the company has signed a Memorandum of Understanding with a major European utility A2A.

The innovative technology of Energy Dome is based on an advanced industrial process that uses established supply chains to consolidate off-the-shelf components.

The core engineering team has collaborated on previous ventures for ten years and brings extensive expertise in turbomachinery and process engineering.

Source credit: https://www.businesswire.com/news/home/20220627005701/en/Energy-Dome-Closes-11M%C2%A0Convertible-Round-to-Accelerate-Commercial-Deployment-of-CO2-Battery

About Author

Tejaswita Tiwari     thisisourtownrichmond.co.uk

Tejaswita Tiwari

Being born in a family of readers, Tejaswita has always had a natural flair for writing, using that enthusiasm to become a full-fledged writer after earning her MBA in Marketing. Her insatiable curiosity to learn about various verticals has made her a popular research...

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