Naked Energy has announced the opening of its Series B funding round.

The company is targeting upwards of £10 million to “meet increased demand for green energy”.

It said that any money raised will go towards its global expansion and fund the ongoing development of its solar thermal tubes.

The energy business says its technology is three to four times more efficient than traditional photovoltaics (PV) panels.

The firm’s VirtuPVT collector, which generates solar heat, combines solar PV and solar thermal technology to generate both electricity and heat from a single collector.

Naked Energy claims their modular design makes them the world’s highest energy density solar tech.

The latest funding round follows investment from Barclays, ELM Companies, and Big Sky Partners.

“The wave of investment we’ve received has allowed us to scale our operations,” said Christophe Williams, chief executive and co-founder of Naked Energy. “With the announcement of our Series B funding round, we’re excited to grow our business even further and tap into new markets around the globe.”

“We’re delighted that a leading investor like Barclays sees the opportunity in decarbonising heat - and its significant presence in the US will help us with our move into this new market.

“It’s an incredibly exciting time for the business and we are looking for investors who share Naked Energy’s green vision. Decarbonising heat on a global scale is needed urgently to address climate change.”

The funding from Barclays has come from the bank's Sustainable Impact Capital Programme, which has a mandate to spend £175 million of equity capital in sustainability-focused start-ups by 2025.

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