Italian VC Capital Supports Series B Round in Energy Dome
Posted on 04/27/2023
Energy Dome S.p.A. is a Milan, Italy-based company advancing a long-duration energy storage solution. In a Series B round, Energy Dome raised €40 million. The round was led by Eni Next, and Neva SGR, with follow-on investment from Barclays’ Sustainable Impact Capital, CDP Venture Capital SGR, and Invitalia via its Evolution Fund, Novum Capital Partners, 360 Capital, Japan Energy Fund, and Elemental Excelerator.
Eni Next is the corporate venture capital unit of Italian energy giant Eni SpA. Neva SGR is the venture capital company owned by European banking group Intesa Sanpaolo. Energy Dome raised US$ 11 million in a Series A round in 2021.
Energy Dome seeks to enter the U.S. market. Energy Dome invented and developed the CO2 Battery, a long-duration energy storage system. Energy Dome makes a “CO2 Battery” that compresses carbon dioxide gas while storing heat produced by the adiabatic compression process, then liquifying the CO2. The evaporating CO2 is subjected to the stored heat and then expanded under pressure to drive turbines that generate electricity in a closed loop process.
CDP Venture Capital is 70% owned by CDP Equity and 30% owned by Invitalia. CDP Equity is a holding company of Cassa Depositi e Prestiti Group, that was created to boost the Italian economy by investing risk capital in companies of strategic national interest.