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Naked Energy Lands $3 Million Investment to Scale Up Solar Technology Manufacturing Operations

Image Credit: Naked Energy

In a groundbreaking move, British innovator in solar technology Naked Energy has solidified its partnership with ELM Companies, a prominent player in the American utility and renewable tech landscape. This strategic collaboration entails a substantial $3 million investment by ELM Solar to establish a cutting-edge manufacturing facility in the vibrant state of Texas, USA.

The newly-forged alliance with ELM paves the way for Naked Energy to expand its operations onto American soil, marking a significant milestone in its global expansion journey. The envisioned plant, spearheaded by ELM, is set to become the epicenter for the production of Naked Energy's revolutionary hybrid solar technology products right in the bustling city of Dallas.

Anticipating an exponential surge in demand, Naked Energy aims to roll out an impressive 150,000 units of its flagship Virtu tubes by 2028. The Virtu range stands out for its innovative blend of solar photovoltaic and thermal technologies, offering a dual-purpose solution that generates electricity and harnesses heat from a single solar collector. This groundbreaking approach enhances efficiency and widens the spectrum of buildings capable of harnessing renewable energy.

Buoyed by the success of its recent endeavors, including establishing a state-of-the-art facility at Creighton University in Nebraska, Naked Energy is optimistic about consolidating its foothold in North America. The company envisions seamless management of all its projects across the continent through its forthcoming Texas facility by 2025.

ELM Solar, the stalwart partner responsible for distributing Naked Energy's products across North America, is set to play a pivotal role in the expansion endeavor. The ambitious expansion plans are expected to catalyze the creation of 150 new jobs in renewable energy, further underscoring the socio-economic benefits of sustainable development.

Christophe Williams, CEO and co-founder of Naked Energy said the US is now a key market for the firm. "Our partnership with ELM has already paid huge dividends for both of us, and I'm very proud that we can deepen our relationship further with this manufacturing agreement," he said. "It reflects the success and popularity of the business' products on the other side of the pond, and we're looking for more manufacturers worldwide who share our desire to decarbonise heat on a global scale."

The grand inauguration of the new manufacturing facility, slated for April 18th, comes amidst a flurry of investments in solar energy across the US, propelled by legislative initiatives such as the Inflation Reduction Act (IRA). This legislative impetus has spurred a meteoric rise in manufacturing activity, with clean energy investments skyrocketing to $50 billion within a year.

Lee C Graves, chairman and founder of ELM, said: "We are pleased to announce this significant partnership with Naked Energy, marking a pivotal moment in our commitment to advancing renewable energy solutions in the US. By bringing Naked Energy's cutting-edge solar thermal technology to our manufacturing facility in Texas, we are not only bolstering our renewable energy portfolio but also creating sustainable job opportunities and contributing to the growth of the clean energy sector.

"This collaboration underscores our shared vision for a greener future and reinforces our position as leaders in the transition to clean, efficient energy systems."

This expanded partnership with ELM follows Naked Energy's collaboration with E.ON in December, when its solar technology was slated for deployment in large-scale commercial and industrial projects across Europe and the UK.

Moreover, the announcement comes on the heels of Naked Energy's successful Series B funding round in September, securing a substantial £30 million injection to fortify its market position, with backing from renowned entities such as Barclays, Nesta, and ELM, further cementing its stature as a pioneering force in the realm of sustainable energy innovation.


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