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World-leading British solar business lands US distribution deal and investment
British solar tech developer Naked Energy receives funding from ELM Companies
Partnership grants access to US-wide dealer and distribution networks
ELM to build factory in Texas to assemble Naked Energy’s Virtu product range
Investment announced as ambitious scale-up launches Series B round of £10million+
1st September 2022: British solar heat tech developer Naked Energy will have its products sold throughout the US after receiving investment from American energy storage specialist ELM Companies.
ELM will distribute Naked Energy’s cutting-edge solar thermal and photovoltaic thermal (PVT) products across the country, which are three to four times more efficient than traditional PV panels.
Naked Energy is the developer of the world’s highest energy density solar technology. The partnership with ELM will accelerate its move into the US market to take advantage of the accelerated shift there towards sustainable energy generation.
ELM Companies is an industry leader in energy storage and a microgrid specialist. It will distribute Naked Energy’s solar thermal and PVT Virtu product range through its new division ELM Solar, as well as its large dealer network and partnerships across the United States.
It also plans to build a factory to manufacture Virtu products locally in Texas. At a time when solar investment is booming across the country, the new production plant will localise manufacturing and minimise reliance on foreign supply chains.
The partnership comes at a time when the United States is looking to diversify its energy, and provide a wealth of investment into renewable energy. At the beginning of August, the US Senate approved the Inflation Reduction Act that’s set to offer $430bn to climate change projects across the country provides the perfect opportunity for Naked Energy to begin its expansion into the US.
The unique design of Naked Energy’s solar collectors allow businesses to maximise the potential of their roof space by generating more energy per m2 than any other solar technology, thereby providing more energy from less space.
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Naked Energy’s VirtuPVT collector combines solar photovoltaic (PV) and solar thermal technology to generate both electricity and heat from a single collector.
The VirtuHOT collector, which generates solar heat only, recently received the gold standard TÜV international certification. Both Virtu technologies will be instrumental to the decarbonization of heat in sectors from manufacturing to hotels and leisure centres.
Christophe Williams, CEO and co-founder of Naked Energy, said: “The United States is a key market for us and we’re incredibly proud to be working with such an exceptionally professional business as ELM. With their help we’re looking forward to decarbonizing the United States’ heating systems one building at a time.
“We’re delighted that a leading company like ELM sees the business opportunity in decarbonizing heat. Their significant presence in the US will help us to break into this new market and help the country reach its net zero goals.
“It’s an incredibly exciting time for the business and we are looking for other distributors across the world who share Naked Energy’s green vision. Decarbonizing heat on a global scale is needed urgently to address climate change.”
Lee C Graves, Chairman and founder of ELM said: “We’ve seen a significant uptick in interest for renewable energy solutions across the United States. In the face of rising energy prices, we’re pleased to be working with Naked Energy to provide the country with renewable alternatives.
“When we were introduced to Naked Energy and the Virtu product range it was a no-brainer for us to work with them. We’re excited to start distributing their innovative solar thermal technology across the United States – it’s a perfect match with our area of expertise.”
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