Energy Dome, a manufacturer of CO2 battery energy storage systems, receives €55 million in Series B funding

The Energy Dome CO2 battery at a commercial demonstration facility in Sardinia, Italy.

Energy Dome, a maker of novel long-duration CO2 battery energy storage systems, last week closed its second Series B funding round, bringing total investment to €55 million ($60 million).

Energy Dome will use the new investment to expand its global footprint - specifically to make significant investments in full commercial-scale models around the world and execute a project pipeline of more than 9GWh for utilities, independent power producers and companies across five continents. The funds will also be used to complete the Energy Dome 20MW/200MWh CO2 battery project under development, which will be operational by the end of 2024.

The first tranche of the Series B financing, totaling €40 million and due in April 2023, was co-led by Eni Next, Eni’s corporate venture capital arm, and Neva SGR, Intesa Sanpaolo’s venture capital arm. Lead investors participating in the first round include Japan Energy Fund, Barclays Sustainable Impact Capital, CDP Venture Capital, 360 Capital, Novum Capital Partners, Gruppo Brixia and Elemental Excelerator.

In its second round of funding, Energy Dome attracted new investors, including:

Innovation Development Oman Investment Company, the venture capital arm of the Oman Investment Authority, the sovereign wealth fund of the Sultanate of Oman, Vopak Ventures, the corporate venture capital arm of Royal Vopak, the world's leading tank storage company, and investors represented by Sagana, an impact investment advisory firm focused on human and planetary health. In addition, existing investors 360 Capital and CDP Venture Capital continued to support and participate in the second round of financing.

“I am delighted to extend a warm welcome to our new investors who will join Energy Dome in our mission to decarbonize the electric grid,” said Claudio Spadacini, Energy Dome founder and CEO. “Our technology can play a critical role in humanity’s ability to address climate change with greater urgency, rather than waiting until 2030.”

“We offer our customers unparalleled flexibility and value. They can enter into long-term capacity offtake agreements with Energy Dome and we will finance, build, own and operate the CO2 batteries for customers under a storage-as-a-service model. This gives customers access to reliable, clean and affordable electricity at a cost significantly lower than pumped hydro or lithium-ion. Alternatively, customers can choose to purchase the CO2 batteries directly from Energy Dome and receive a performance guarantee under an OEM model.”

Energy Dome has also signed a memorandum of understanding with the Oman Investment Authority to explore potential areas of collaboration in the Sultanate of Oman.

Energy Dome has recently been awarded €17.5 million in funding from the European Innovation Council (EIC), which recognises its CO2 battery technology long-duration energy storage solution as a game-changer for the energy transition and supports its deployment.

(Source: Energy Dome Global Energy Storage Network, New Energy Network Comprehensive)