Energy Storage solution Energy Dome raises 10M€ Series A — 360 Capital
360 Capital Leads the Series A with Barclays and Novum Capital Partners Joining the Round, and Agreement Reached with Strategic Investor A2A for an Initial 100 Megawatt-Hour, Grid-Connected CO2 Battery Deployment.
Energy Dome, an Italian energy storage technology company founded in 2019, today announced the close of its 11M€ Series A, led by 360 Capital with participation of Barclays — through its Sustainable Impact Capital programme, Novum Capital Partners and Third Derivative. The company will use the proceeds to complete the construction of its CO2 Battery demonstration project in Sardinia, Italy, and to accelerate the growth of the business.
Energy Dome is an energy storage technology company that fights climate change using CO2 as part of the solution to accelerate the world’s transition to renewable energy. Led by a team with a track record of innovation in the energy sector, ENERGY DOME uses CO2 as a working fluid in a closed thermodynamic process to store energy and make renewable power dispatchable.
Leading Italian utility company A2A — an LP in 360 Capital funds — has entered into a Memorandum of Understanding with Energy Dome to deploy the company’s first commercial project. This proposed 100 megawatt-hour (MWh) CO2 Battery could support the increased use of renewable power in the generation mix and address the growing need for energy storage on electrical grids.
Energy Dome has achieved this paradigm shift in the cost of storage by using CO2 in a closed loop cycle where it changes from gas, to liquid and back to gas. The titular “dome” is an inflatable atmospheric gas holder filled with CO2 in its gaseous form. When charging, the system draws electrical power from the electric grid, which feeds a motor. The motor drives a compressor which draws CO2 from the dome and compresses it, generating heat which is stored in a thermal energy storage device. The CO2 is then liquified under pressure and stored in liquid CO2 vessels, at ambient temperature, to complete the charging cycle. When discharging, the cycle is reversed by evaporating the liquid CO2, recovering the heat from the thermal energy storage system, and expanding the hot CO2 into a turbine, which drives a generator. Electricity is returned to the grid and the CO2 re-inflates the dome without emissions to the atmosphere, ready for the next charging cycle.
The company was founded and is led by serial energy entrepreneur Claudio Spadacini. In less than two years, Energy Dome’s team of engineers turned an engineering concept into reality with patents filed and a 2.5MW x 4MWh demonstration plant now under construction in Sardinia and expected to be tested and validated in the first quarter of 2022.
“ Grid systems across the world need effective, low-cost storage to pair with renewable energy,” said Claudio Spadacini, founder and CEO of Energy Dome. “ We’re excited to be leveraging this investment and agreement to accelerate our deployment of this transformational technology. We thank all of the supporters who made today’s announcement possible. “
“ Long-term energy storage will play a pivotal role in tackling climate change, paving the way for a carbon-free grid,” said Cesare Maifredi, managing partner of 360 Capital. “ Energy Dome’s technology is an innovative yet ready-to-market solution which makes long-term energy storage a reality today. It materially contributes to the energy transition, while delivering substantial value to its clients, grid operators and ultimately to our society. “
“ Energy Dome’s ground breaking technology addresses the issue that transitioning to a low carbon economy requires not only renewable energy sources, but effective ways of storing this energy, to help balance supply with demand,” said Steven Poulter, Head of Principal Structuring and Investments at Barclays. “ Barclays is pleased to be supporting Energy Dome’s next stage of growth, as they continue to drive efforts to reduce carbon emissions worldwide “.
Read the full press release here
Originally published at https://www.360cap.vc on November 30, 2021.
