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{"id":30375,"date":"2023-04-27T22:09:54","date_gmt":"2023-04-27T22:09:54","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/04\/27\/energy-dome-gets-44m-uplift-into-its-co2-battery-for-renewable-energy-storage\/"},"modified":"2023-04-27T22:09:55","modified_gmt":"2023-04-27T22:09:55","slug":"energy-dome-gets-44m-uplift-into-its-co2-battery-for-renewable-energy-storage","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/04\/27\/energy-dome-gets-44m-uplift-into-its-co2-battery-for-renewable-energy-storage\/","title":{"rendered":"Energy Dome gets $44M uplift into its CO2 battery for renewable energy storage"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/04\/27\/energy-dome-series-b\/<\/a><\/br>
\nEnergy Dome gets $44M uplift into its CO2 battery for renewable energy storage<\/br>
\n2023-04-27 22:09:54<\/br><\/p>\n

\n

Italian climate startup Energy Dome<\/a>, which has developed a \u201cCO2<\/sub> Battery\u201d for storing renewable energy, has closed a \u20ac40 million (~$44 million) Series B round \u2014 bringing the total raised for its novel energy storage solution to \u20ac54 million (or just shy of $60 million).<\/p>\n

The round was co-led by Eni Next, the corporate VC arm of Italian energy giant Eni; along with Neva SGR, the VC company owned by European banking group Intesa Sanpaolo. Existing investors also participated, including Barclays\u2019 Sustainable Impact Capital, CDP Venture Capital, Invitalia, Novum Capital Partners and 360 Capital.\u00a0Other investors in the round include Japan Energy Fund and Elemental Excelerator.<\/p>\n

We last covered the 2020-founded startup when it closed an $11 million Series A back in 2021<\/a> \u2014 explaining that its system uses CO2<\/sub> in a closed-loop cycle to store energy generated from renewable sources (such as solar).<\/p>\n

Storage is important for renewables as major clean sources of energy generation like solar and wind power are variable, since the sun doesn\u2019t always shine nor the wind always blow. This means, not that renewables are useless (as some right-wing politicians have tried to claim<\/a>) but that decarbonizing the electricity grid using these alternative (green) sources of power requires innovation in storage tech \u2014 which\u00a0is where Energy Dome is aiming to step in with its CO2<\/sub> Battery.<\/p>\n

Its system works by changing the chemical compound, CO2<\/sub>, from gas to liquid and back to gas (via compression and\/or evaporation) in order to generate heat \u2014 which is either stored or used to drive a generator depending on whether the system is in charging or discharging mode.<\/p>\n

The startup is named for an inflatable atmospheric gas holder filled with CO2<\/sub> (when in its gaseous form) which forms a core component of the storage system. Other key \u2018ingredients\u2019 for its battery are steel and water and Energy Dome touts the robustness of the system as a major differentiator vs alternative storage solutions, claiming no degradation over 30 years of operation.<\/p>\n

It also claims the CO2 <\/sub>Battery can store renewable energy with \u201c75% RTE (AC-AC, MV-MV)\u201d \u2014 meaning that for each unit of renewable energy stored the system is able to return 75% for later usage \u2014 doing so at a cost that it says is half the price of lithium batteries. (And mining for lithium raises environmental concerns<\/a> in and of itself.)<\/p>\n

Back in 2021 the startup was aiming to use the Series A funds to commercialize the tech. It\u2019s made some progress on this front \u2014 saying it\u2019s working with \u201cseveral\u201d utilities, independent power producers and corporate customers in key markets at this stage, per a press release<\/a>, touting what it describes as \u201ca qualified pipeline that exceeds 9GWh\u201d in markets such as the U.S., Europe, South America, India and Australia.<\/p>\n

The Series B funds will be used to enter what Energy Dome dubs \u201cfull commercial scaling mode on a global basis\u201d \u2014 although it says it\u2019s focusing on a set of key markets, with the US being principal among them (with an eye on tax incentives for green energy).\u00a0<\/span><\/p>\n

\u201cOur CO2<\/sub> Battery is ready for the market and, after closing the Series B round, we are ready to guarantee its performance to any customer that is real about getting rid of fossil fuels and substituting with dispatchable renewable energies,\u201d noted founder and CEO Claudio Spadacini in a statement.<\/p>\n

The startup added that it expects to have two standard 20MW-200MWh frames commercially operational by the end of 2024 \u2014 noting that the first unit already in the process of being<\/span> manufactured. <\/span><\/p>\n

It<\/span>s focus now is on keeping up early momentum, having gone from starting operations to commercial-scale deployment in just three years, it also said.\u00a0<\/span><\/p>\n

\u201cThe use of proceeds of the round will serve to provide financial guarantees to customers as a demonstration that this team is ready to put their \u2018skin in the game\u2019 alongside their customers in deploying the CO2<\/sub> Battery,\u201d it added. \u201cThe investment will also support Energy Dome\u2019s business expansion in the U.S. in order to leverage at maximum from the opportunities deriving from the Inflation Reduction Act<\/a> and the associated Investment Tax Credits available for utility-scale energy storage.\u201d<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/04\/27\/energy-dome-series-b\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

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