Energy Dome, a company specializing in CO2 battery technology, has increased its Series B funding to €55 million with the addition of a second tranche. Existing investors 360 Capital and CDP Venture Capital also participated in this round, having already contributed to the first one. Including previous funding rounds and a grant and equity funding of €17.5 million from the European Innovation Council, Energy Dome has raised close to €100 million to-date.

The company’s unique technology is based on a thermodynamic cycle. It charges by extracting carbon dioxide from a ‘Dome’ gasholder, storing it under pressure, and then releasing it through a turbine, where it evaporates and expands back into the gasholder. This process allows for efficient energy storage and dispatch.

The additional funding will be used to support Energy Dome’s commercial expansion and the execution of over 9GWh worth of projects across five continents. It will also enable the company to complete its first utility-scale project, a 20MW/200MWh system expected to be operational by 2024. Energy Dome’s largest operational system currently is a 2.5MW/4MWh installation in Sicily. While not officially specified, the 20MW project could be a collaboration with Danish energy giant Ørsted.

In addition to its funding success, Energy Dome has signed a memorandum of understanding (MOU) with the Oman Investment Authority, which includes Innovation Development Oman Investments. The MOU aims to explore potential collaboration opportunities in Oman.

Claudio Spadacini, founder and CEO of Energy Dome, expressed the company’s unique value proposition, stating, “We offer our customers unparalleled flexibility and value. They can choose to enter into long-term capacity offtake agreements with Energy Dome, where we will fund, build, own, and operate the CO2 Battery for the customer under a Storage-as-a-Service model. This allows customers to access reliable, clean, and affordable power at a lower cost compared to pumped hydro or lithium-ion solutions. Alternatively, customers can choose to directly purchase the CO2 Battery from Energy Dome with a performance guarantee under an Original Equipment Manufacturer model.”

Energy Dome’s SVP of strategy, corporate development, and investor relations, Ben Potter, recently shared in an interview that the company’s technology has the potential to significantly reduce capital expenditure per MWh compared to traditional lithium-ion battery storage projects.