Barclays invests in solar technology company, Naked Energy
Barclays has made an equity investment in Naked Energy, a British solar tech developer of world-leading solar thermal tubes, which are three to four times more efficient than traditional solar panels.
This is the 12th investment under the bank’s £175m Sustainable Impact Capital programme through which it is making strategic investments in innovative, environmentally-focussed businesses. It is also an example of how Barclays is financing the transition to a low-carbon economy, which is one part of the bank’s climate strategy.
The investment has powered Naked Energy’s move into the US market to meet increased demand for green energy globally. The company was also supported by Barclays earlier this year through Unreasonable Impact, which supports high-growth ventures to scale and to address key global challenges.
Following this investment from Barclays - alongside ELM Companies and Big Sky Partners - Naked Energy has announced the opening of its Series B funding round - targeting £10 million-plus to meet increased demand for green energy globally.
Gavin Chapman, Managing Director of Principal Investments at Barclays, will join Naked Energy’s board as a non-executive director. He says: “Naked Energy is revolutionising the solar energy space with their technology, a pivotal step in the decarbonisation of heat. We are excited to support their innovation and growth, and I look forward to our ongoing partnership as we support more clients and communities to meet their decarbonisation ambitions.”
Christophe Williams, CEO and co-founder of Naked Energy, says: “We’re delighted that a leading investor like Barclays sees the opportunity in decarbonising heat - and its significant presence in the US will help us with our move into this new market. Decarbonising heat on a global scale is needed urgently to address climate change.”
“It’s an incredibly exciting time for the business and we are looking for investors who share Naked Energy’s green vision. Decarbonising heat on a global scale is needed urgently to address climate change.”