Oman Sovereign Wealth Fund Invests in Energy Dome

Posted on 07/20/2023

Milan-based Energy Dome S.p.A. is banking on its CO2 battery, which seeks to be a long-duration energy storage system.

Energy Dome announced the close of its second tranche of Series B funding, bringing the overall round to a total of EUR 55 million (US$ 60 million). The EUR 40 million first tranche of the Series B round closed in April 2023; it was co led by Eni Next, the corporate venture capital arm of Eni, and Neva SGR, the venture capital arm of Intesa Sanpaolo. Other investors that joined the first round included Japan Energy Fund, Barclays’ Sustainable Impact Capital, CDP Venture Capital, 360 Capital, Novum Capital Partners, Gruppo Brixia and Elemental Excelerator.

Tranche 2
New investors in the second tranche of the Series B round include: Innovation Development Oman Investments, the venture capital arm of Oman Investment Authority (OIA), the sovereign wealth fund of the Sultanate of Oman. Energy Dome also signed a Memorandum of Understanding (MoU) with Oman Investment Authority to explore potential areas of collaboration in the Sultanate of Oman.

Other new investors include: Vopak Ventures, the corporate venture capital arm of the world’s leading tank storage company, Royal Vopak and Sagana. Existing investors 360 Capital and CDP Venture Capital also invested in the second tranche of the round. Specifically, for CDP Venture Capital, this deal inaugurates the operation of the new Green Transition Fund, which uses resources allocated by the EU through the NextGeneration EU initiative with the aim of stimulating the growth of an innovation ecosystem in green transition sectors.

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