Great British Energy backs Naked Energy in $11.8M round to build UK solar-thermal plant
What's the deal? Naked Energy, a British renewable-heat startup, has raised $11.8 million in a late-stage round led by Great British EnergyDealroom has a profile for this one. Try Dealroom →, with existing shareholder Barclays Climate VenturesDealroom has a profile for this one. Try Dealroom → participating. The money will fund a new UK manufacturing facility for its Virtu solar-thermal technology.
Why it matters: This is Great British Energy's first major solar-thermal investment. The state-owned body is putting in £7.5 million through its Energy Engineered in the UK programme, signalling public backing for a homegrown clean-heat industry.
What's the endgame? Naked Energy's panels generate both heat and electricity from a single rooftop installation, cutting gas demand without straining the electricity grid. Its systems already run at the British LibraryDealroom has a profile for this one. Try Dealroom → and the All England Lawn Tennis ClubDealroom has a profile for this one. Try Dealroom →, Wimbledon.
What's it building? The planned UK plant — location still to be decided — will lower production costs and create up to 40 direct skilled jobs and around 100 indirect roles. It also opens export opportunities as Naked Energy scales domestic manufacturing.
Why now? Gas still heats most British buildings, and cutting that reliance is central to lowering bills and improving energy security. "Cutting our reliance on gas is one of the biggest challenges we face, both for energy security and for keeping bills down," said Dan McGrail, chief executive officer of Great British Energy.
The company holds more than 20 patents, and its low-profile design lets buildings use around 85% of roof space for energy generation, against roughly 50% for conventional panels. That suits sites with steady heat demand, such as hotels, hospitals, care homes, and leisure centres.
The signal: The round shows public and private capital combining to build a domestic renewable-heat supply chain. "It shows how public and private capital can work together to strengthen UK energy security and grow a domestic renewable energy industry," said Daniel Hanna, group head of sustainable and transition finance at BarclaysDealroom has a profile for this one. Try Dealroom →.
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