Naked Energy Ltd, a renewable-heat technology company, has secured an €10.35 million (£8.875 million) investment to fund a new UK manufacturing facility. The investment was led by publicly-owned renewable energy company Great British Energy, which is investing €8.7 million (£7.5 million) through its Energy Engineered in the UK programme, with participation from existing shareholder Barclays Climate Ventures.

Christophe Williams FEI, Founder and CEO of Naked Energy, said, “The UK has engineering capability and the opportunity to lead a growing global market for renewable heat. Great British Energy’s investment will enable us to establish a UK manufacturing base, reduce production costs and scale a British-designed technology platform that combines advanced solar collectors, system design and digital monitoring.”

Dan McGrail FEI, CEO of Great British Energy, said, “Cutting our reliance on gas is one of the biggest challenges we face, both for energy security and for keeping bills down. Naked Energy has developed a technology that tackles this head on and when you see it working at UK institutions like the British Library and Wimbledon, you understand what is possible.”

Williams FEI added, “Heat is too often overlooked in the energy debate, despite accounting for a major share of fossil-fuel consumption. This investment will help us bring renewable heat to more hospitals, hotels, public buildings and industrial sites in the UK and internationally, while creating skilled jobs and export opportunities here at home.”

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