Energy Dome Closes $11M Funding Round for Deployment of CO2 Battery

Milan-based energy storage leader Energy Dome announced the successful closing of an $11 million bridge funding round.

Asset management company CDP Venture Capital Sgr led the funding with existing investor Barclays, through their Sustainable Impact Capital program which funds early-stage companies accelerating the transition to a net-zero future. The round was also joined by Swiss family office Novum Capital Partners, an existing shareholder in Energy Dome.

The company’s rapid technological development motivates the speed and frequency of the funding rounds. The Series A enabled the company to complete its 2.5MW / 4MWh commercial demonstration plant in Sardinia, Italy, the final step of technology de-risking. Energy Dome has begun the commercialization of the CO2 Battery. 

“This important achievement will sustain our ambitious growth,” said Claudio Spadacini, Founder & CEO, Energy Dome. “I would like to welcome CDP Venture Capital Sgr into our team and to thank them, Barclays, and Novum Capital Partners for their trust in Energy Dome as we’re poised to become a leading solution provider for the long-duration energy storage market.”

Energy Dome’s innovative technology is based on a novel industrial process that integrates off-the-shelf components using established supply chains.

“Energy Dome is a potential game-changer in the green energy transition,” said Mario Scuderi, Responsible for Evolution Fund, CDP Venture Capital Sgr, “We believe in this enthusiastic team with great experience, innovative technologies, and big ideas ready to scale internationally starting from Italy.”

The company’s zero-emission energy storage method makes use of CO2 as a working fluid in a closed loop to store renewable energy from four to 24 hours and then dispatch it back to the grid when needed.

“Energy Dome’s technology plays an important role in the transition to renewables, addressing the need for viable energy storage solutions. Their launch into the market is an exciting next step in Energy Dome’s journey, and we are delighted to continue our partnership as they scale up for the future,” said James Ferrier, Head of Sustainable Impact Capital, Barclays.

With the closing of this latest convertible round, Energy Dome has now raised nearly $25M since the company emerged from stealth mode in February 2020.