Naked Energy has raised £8.875 million from Great British Energy and Barclays Climate Ventures to establish a new UK manufacturing facility for its renewable heat technology and expand production capacity. The round was led by Great British Energy, which is investing £7.5 million through its Energy Engineered in the UK program. Existing shareholder Barclays Climate Ventures also participated. The investment represents Great British Energy’s first major solar investment.
London-based Naked Energy develops solar-thermal technology designed to generate renewable heat directly at the point of use, reducing dependence on natural gas without increasing demand on the electricity grid.
The company’s Virtu technology is already being used at institutions including the British Library and the All England Lawn Tennis Club at Wimbledon.
The new financing will support the creation of a UK manufacturing facility for Virtu, with the location still to be determined.
Naked Energy said the facility could create up to 40 direct skilled jobs and approximately 100 indirect roles while helping reduce production costs and support domestic and international growth.
The company is targeting buildings and facilities with significant heating and cooling requirements, including hotels, leisure centers, hospitals, care homes, manufacturing sites, residential developments and public buildings.
Naked Energy holds more than 20 patents and offers solar-thermal systems capable of producing heat as well as electricity from a single rooftop installation.
Its low-profile design is intended to make more efficient use of constrained rooftop space. The company said approximately 85% of available roof area can be used for energy generation, compared with around 50% for conventional tilted solar panels that require spacing between rows.
That design has also supported deployment on architecturally sensitive sites. Naked Energy said its technology was the only solar energy solution to receive planning permission at the Grade I-listed British Library because it did not alter the building’s roofline or silhouette.
The investment is intended to help Naked Energy scale its British-designed technology while strengthening the UK’s domestic renewable energy supply chain.
Great British Energy sees renewable heat as an important component of reducing the UK’s reliance on natural gas and improving energy security.
The company said producing renewable heat directly at customer sites can also help businesses reduce exposure to gas price volatility.
Naked Energy is already delivering projects across Europe and North America. The new funding is expected to support a broader scale-up of UK production while expanding the company’s presence in domestic and international markets.
The investment also demonstrates Great British Energy’s strategy of using public capital to support British energy companies at critical stages of their development while encouraging domestic manufacturing and employment.
KEY QUOTES:
“Cutting our reliance on gas is one of the biggest challenges we face, both for energy security and for keeping bills down. Naked Energy has developed a technology that tackles this head on and when you see it working at iconic UK institutions like the British Library and Wimbledon, you understand what is possible.”
“At Great British Energy we are backing UK innovators like Naked Energy and helping to create skilled jobs. Through our Energy Engineered in the UK programme we are helping them to manufacture here at home and go further, faster.”
Dan McGrail, CEO of Great British Energy
“Homegrown, clean power is an opportunity to reindustrialise Britain as we’re backing UK supply chains to help deliver the energy transition.”
“Great British Energy is supporting well-paid manufacturing jobs for communities, while providing cheaper and secure energy for households and businesses.”
Miatta Fahnbulleh, Energy Secretary
“Our latest investment will help Naked Energy scale UK manufacturing, create skilled jobs and bring renewable heat to buildings across Britain. It shows how public and private capital can work together to strengthen UK energy security and grow a domestic renewable energy industry.”
Daniel Hanna, Group Head of Sustainable and Transition Finance at Barclays
“The UK has world-class engineering capability and the opportunity to lead a rapidly growing global market for renewable heat. Great British Energy’s investment will enable us to establish a major UK manufacturing base, reduce production costs and scale a British-designed technology platform that combines advanced solar collectors, system design and digital monitoring.”
“Heat is too often overlooked in the energy debate, despite accounting for a major share of fossil-fuel consumption. This investment will help us bring renewable heat to more hospitals, hotels, public buildings and industrial sites in the UK and internationally, while creating skilled jobs and export opportunities here at home.”
Christophe Williams, Founder and CEO of Naked Energy
