MILAN--(BUSINESS WIRE)--Energy Dome, the company behind the CO2 Battery, a disruptive long-duration energy storage solution, today announced it has been awarded €17.5 million in funding from the European Innovation Council (EIC), the largest amount made available by the program.
The EIC Accelerator is Europe’s flagship funding program to identify, fund and scale-up breakthrough innovations in strategic areas, including energy storage. The investment will be made through the EIC Fund, a unique entity owned by the European Commission to make grants and direct equity investments in companies with promising cleantech solutions.
Energy Dome was selected through a highly competitive process from more than 1000 companies that submitted a full application.
“This strategic support by the European Commission will enable Energy Dome to accelerate the scale up of our business and the deployment of CO2 Batteries across global markets,” said Claudio Spadacini, Founder and CEO of Energy Dome.
Long-duration energy storage is the missing link to a fully decarbonized energy market, as it increases grid flexibility and enables the safe and efficient integration of renewables into global electrical grids. Currently, there is a significant technological gap in the market, for which the CO2 Battery is the perfect solution, by providing high-efficiency energy storage at a competitive cost and using readily available, off-the-shelf components that make this technology available to customers globally.
The EIC Fund joins other strategic investors, including Barclays, 360 Capital, CDP Venture Capital SGR and Novum Capital Partners, that have invested a total of $25 million in Energy Dome, fueling the Company’s growth in its mission to make the energy transition happen.
About Energy Dome
Energy Dome is revolutionizing energy storage and enabling grid decarbonization by making solar and wind power dispatchable 24/7. The company invented and developed the CO2 Battery, a Long-Duration Energy Storage system that makes Long Duration Energy Storage viable globally, today. The properties of carbon dioxide allow the system to store energy efficiently and cost-effectively, with a modular and site-independent footprint. CO2 Batteries use readily available, off-the-shelf components from reliable and existing supply chains, providing a pathway to store massive amounts of intermittent renewable energy and accelerate the energy transition. For more information, please visit www.energydome.com.