Energy Dome closes a 40 million financing round thanks to Neva SGR

2 May 2023
startup, Successful cases, Innovation

To realize the sustainable transition, it’s essential to develop and implement new technologies capable of accumulating and making energy produced from renewable sources always available. Energy Dome, a startup founded in Milan in 2020 by engineer Claudio Spadacini, has invented and developed a revolutionary technology for energy storage that allows the decarbonization of the grid, making wind and solar energy available 24/7.

Energy Dome announced the closure of a Series B funding round from 40 million euros drove by Eni Next, Eni’s corporate venture capital company Eni’s, with Neva Sgr - corporate venture capital company of the Group Intesa Sanpaolo 100% controlled by Intesa Sanpaolo Innovation Center – co-leading the round. Climate technologies and energy transition are among the key areas of the investment strategy of Neva Sgr.

Energy Dome technology, patented and renamed CO2 Battery™, uses carbon dioxide instead of expensive lithium ions to store energy: a long-lasting storage system. The innovative technology, the first of its kind in the world, transforms CO2 from an enemy to an ally of the energy transition, attracting more and more interest from all over the world.

The CO2 Battery™ also has advantages in terms of economic sustainability as it is made without using rare earths, which are scarce in Europe, significantly reducing energy storage costs. Indeed, the properties of carbon dioxide allow the system to store energy efficiently.

render dell'impianto di Energy Dome a Ottana in Sardegna render dell'impianto di Energy Dome a Ottana in Sardegna

Although Energy Dome was born just before the start of the pandemic, the solution uses hardware already present on the market and this has allowed the scale-up to speed up the transition to the implementation phase, with the first already functioning plant inaugurated in Ottana (Sardinia) last summer.

After recording a 250% growth in headcount, with the closing of the round co-led by Neva SGR and Eni Next the scaleup will enter the commercial growth phase supporting the expansion of the Energy Dome team in key markets by internationalizing the business, focusing on the USA.

Indeed, Energy Dome is already working with several utilities, independent energy producers and corporate customers in key markets, building a qualified pipeline exceeding 9 GWh in markets such as the United States, Europe, South America, India and Australia.

After the successful closing, Claudio Spadacini, Energy Dome’s Founder and CEO, shared his message to the market: "Imagine a system capable of storing renewable energy with 75% of RTE and a cost which is half the cost of lithium. A system that has no degradation over 30 years made of just steel, water and CO2. If you like this idea our CO2 Battery is ready for the market and, after closing the B Series, we are ready to guarantee its performance to any customer who wants to get rid of fossil fuels replacing them with renewable energy".