Naked Energy, a British renewable-heat technology company, has raised £8.9 million in funding led by Great British Energy, with participation from existing shareholder Barclays Climate Ventures. Great British Energy is investing £7.5 million through its Energy Engineered in the UK programme, and the combined investment will support a new UK-based manufacturing facility for Naked Energy's Virtu solar-thermal technology, creating up to 40 direct skilled jobs and around 100 indirect roles.
In buildings across Britain, gas is still widely used for hot water, space heating and process heat, and cutting that reliance is one of the most important and challenging steps to reducing energy bills and strengthening the UK's energy security. Generating renewable heat directly at the point of use, Naked Energy's technology reduces gas demand without adding pressure to the electricity grid, helping businesses keep their energy bills stable when gas prices spike.
Holding more than 20 patents, Naked Energy produces solar-thermal panels that, unlike conventional solar panels, generate both heat and electricity from a single rooftop installation. The low-profile design allows around 85% of roof space to be used for energy generation, compared with a typical 50% for tilted solar panels that require spacing between rows to avoid self-shading. At the British Library, a Grade I listed building, the Virtu system was the only solar energy technology to receive planning permission, because its design does not alter the building's roofline or silhouette.
Already cutting bills and reducing gas use at some of the UK's most iconic institutions, including the British Library and the All England Lawn Tennis Club, Wimbledon, Naked Energy is also delivering projects across Europe and North America. The location of the new manufacturing facility is still to be determined but, once running, will reduce production costs and support continued growth.
The UK has world-class engineering capability and the opportunity to lead a rapidly growing global market for renewable heat. Great British Energy's investment will enable us to establish a major UK manufacturing base, reduce production costs and scale a British-designed technology platform that combines advanced solar collectors, system design and digital monitoring. Heat is too often overlooked in the energy debate, despite accounting for a major share of fossil-fuel consumption. This investment will help us bring renewable heat to more hospitals, hotels, public buildings and industrial sites in the UK and internationally, while creating skilled jobs and export opportunities here at home.
Cutting our reliance on gas is one of the biggest challenges we face, both for energy security and for keeping bills down. Naked Energy has developed a technology that tackles this head on and when you see it working at iconic UK institutions like the British Library and Wimbledon, you understand what is possible. At Great British Energy we are backing UK innovators like Naked Energy and helping to create skilled jobs. Through our Energy Engineered in the UK programme we are helping them to manufacture here at home and go further, faster.
Since our first investment in Naked Energy four years ago, we have worked closely with the business as it has grown, connecting them to our network of partners and clients, leading to the installation of their technology at the All England Lawn Tennis Club. Our latest investment will help Naked Energy scale UK manufacturing, create skilled jobs and bring renewable heat to buildings across Britain. It shows how public and private capital can work together to strengthen UK energy security and grow a domestic renewable energy industry.
Homegrown, clean power is an opportunity to reindustrialise Britain as we're backing UK supply chains to help deliver the energy transition. Great British Energy is supporting well-paid manufacturing jobs for communities, while providing cheaper and secure energy for households and businesses.
