Nesta invests ₤ 1m in UK solar company Naked Energy

• The investment will allow the company to scale up manufacturing of its solar tech

British solar technology innovator Naked Energy has secured a ₤ 1m investment from Nesta, the UK innovation agency for social good.

The offer sees Naked Energy join the line-up of tech ventures supported by Nesta's Impact Investment team that are driving innovation together with social or ecological impact.

Nesta's financing will certainly enable the programmer to continue expanding its design and business groups and also scale the manufacturing of its solar modern technology.

The news follows the opening of Naked Energy's Collection B financing round, in which it is targeting at least ₤ 10m to satisfy the increased demand for green energy worldwide and accelerate the decarbonisation of heat.

The deal comes as part of a funding round that has already seen investment from the likes of Barclays and ELM Companies, and also throughout an interesting duration for solar thermal.

The International Energy Agency anticipates solar thermal will certainly be used in 30% of buildings worldwide by 2050, and Naked Energy's Virtu modern technology is showing critical in this development.

Naked Energy's VirtuPVT enthusiast integrates high efficiency solar photovoltaic or pv (PV) as well as solar thermal modern technology to create both electricity and also heat from a single collector.

Christophe Williams, chief executive officer and also owner of Naked Energy, said: "At Naked Energy, we're constantly searching for capitalists that share our long-lasting green vision, and also Nesta is clearly lined up with our objective to supply climate impact at scale.

" We're delighted to be sustained by Nesta's Impact Investment team. With Nesta's help we're eagerly anticipating being able to increase the rate at which we decarbonise heat - an issue that we require to urgently deal with in order to get to net zero."

Alex Hook, Senior Investment Director at Nesta, states: "We are delighted to invest in Naked Energy, our initial investment which is lined up to Nesta's Sustainable Future goal to decarbonise UK houses."