IDO Investments, the technology investment firm and the venture capital arm of Oman Investment Authority (OIA), has become one of the investors amongst a number of international companies to have invested in Energy Dome.
Energy Dome is an Italian tech start-up behind the innovative CO2 Battery that stores energy for longer duration, ensuring a continuous supply of solar and wind power.
In a press note by Energy Dome recently, It revealed that the firm has also signed a MoU (Memorandum of Understanding) with Oman Investment Authority to explore potential area of collaboration in the country.
In this second tranche of the Series B round Energy Dome has raised a total of $60 Million in the financing round.
The $45 million first tranche of the Series B round was closed in April 2023, which 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.
Energy Dome, established in 2020, says its technology will enable nations to address change urgency with this product that can decarbonise electricity. “The battery harness the unique characteristics of liquid CO2, maintained under pressure at ambient temperatures, to store energy cost-effectively as part of a closed thermo dynamic process,” said the firm. It can store massive amounts of intermittent RE and speed up the energy transition. Decarbonisation is made possible by making solar and wind energy dispatchable, removing the intermittency that has kept renewables from integrating into the grid, the firm informed.
“Our technology can play a key role in enabling humanity to address the urgency of climate change without waiting until 2030,” said Cluaido Spadacini, Founder and CEO of Energy Dome. “ We offer our customers unparalleled flexibility and value. They can either enter into long term capacity off-take agreements with Energy Dome, where we will fund, build own an 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 Li ion.”
Energy Dome says, “The new funding will help finance a project pipeline of more than 9 GWh for utilities, independent power producers and corporation across five continents. Part of the capital will also be used to complete the development of the company’s 20 MW/200MWh CO2 battery project with plans to bring it into operation by the end of 2024.”
With this, Oman Investment has expanded its portfolio of investments in global tech startups focusing on clean energy and climate tech initiatives.
