Energy Dome closes second tranche of €55m series B funding

July 21, 2023

Italian long-duration energy storage company Energy Dome has closed the second tranche of its series B funding, bringing the overall round to a total of €55 million (€60 milliion). 

The €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. 

New investors in the second tranche of the Series B round include: 

  • Innovation Development Oman Investments, the venture capital arm of Oman Investment Authority, the sovereign wealth fund of the Sultanate of Oman 
  • Vopak Ventures, the corporate venture capital arm of the world’s leading tank storage company, Royal Vopak; and 
  • Investors represented by Sagana, an impact investing advisory firm focused on human and planetary health. 

Existing investors 360 Capital and CDP Venture Capital also invested in the second tranche of the round. 

The additional funding will enable Energy Dome to “enter full commercial scaling mode on a global basis, while further fueling growth as it executes on a project pipeline of more than 9GWh for utilities, independent power producers and corporations across five continents”, a statement said. The capital will also be used to complete Energy Dome’s 20MW, 200MWh ‘CO2 Battery’ project, which the company has under development and is planning to have operational by the end of 2024. 

Claudio Spadacini, founder and CEO of Energy Dome, said: “We offer our customers unparalleled flexibility and value. They can enter into long-term capacity offtake agreements with Energy Dome, where we will fund, build, own, and operate the CO2 Battery for the customer under a storage-as-a-service model. This allows the customer to have reliable, clean and affordable power far below the cost of pumped hydro or lithium-ion. Alternatively, the customer can opt to buy the CO2 Battery directly from Energy Dome with a performance guarantee under an original equipment manufacturer model.” 

Energy Dome has also signed a memorandum of understanding with Oman Investment Authority to explore potential areas of collaboration in the Sultanate of Oman.