1 The EIC Accelerator Project
The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support innovative small and medium-sized enterprises (SMEs) and startups in Europe, particularly those with high potential for growth in the DeepTech sector. The program offers financial support in the form of grants and equity investments, aimed at fostering innovation and helping companies scale their operations effectively.Funding Structure of the EIC Accelerator
The EIC Accelerator provides a unique financial mechanism known as blended finance, which combines grant funding and equity investment. The program allows for grants of up to €2.5 million, aimed at covering the costs related to product development, market introduction, and scaling operations. This grant funding is particularly beneficial for early-stage companies looking to validate their technology and gain traction in the market.
In addition to grants, the EIC Accelerator offers equity investments that were initially capped at €15 million until 2024. Starting in 2025, this equity investment limit has been adjusted to €10 million. This investment is designed to complement the grant funding, providing companies with the necessary capital to scale their operations and attract further investment from private sectors. The combination of these funding sources serves to mitigate financial risks and enhance the growth potential of innovative companies.
Purpose of the EIC Accelerator
The primary objective of the EIC Accelerator is to stimulate innovation across Europe by providing support to startups and SMEs that are working on groundbreaking technologies. The program plays a crucial role in the European DeepTech ecosystem by identifying companies with transformative ideas that can address significant challenges, such as climate change, energy security, and digital transformation. By facilitating access to capital and expertise, the EIC Accelerator helps these companies navigate the complexities of scaling their innovations, ultimately contributing to economic growth and job creation across Europe.
Role in Scaling Companies
The EIC Accelerator not only provides financial backing but also offers strategic guidance and mentorship to its winners, helping them refine their business models and strategies. By connecting companies with a network of investors, industry experts, and potential partners, the program enhances their visibility and credibility in the market. This network is invaluable for startups looking to secure additional funding from private investors, as it builds trust and demonstrates the potential of the innovation being developed.
Case Study: Energy Dome SPA
Company Overview
Energy Dome SPA, an Italian startup, emerged as a winner of the EIC Accelerator for its innovative project titled "CO2 Battery." The project focuses on utility-scale long-duration energy storage solutions that leverage carbon dioxide (CO2) as a storage medium.
Project Description
The CO2 Battery project aims to revolutionize energy storage by utilizing a novel approach to storing and releasing energy. This technology is designed to address the intermittent nature of renewable energy sources such as solar and wind. By storing energy in the form of CO2, the system can provide a reliable and efficient means of energy storage that can be deployed at a utility scale.
Technology Basics and Background
The CO2 Battery technology operates on the principle of thermodynamics, where energy is stored in the form of compressed CO2 gas. During times of excess energy production, such as during peak solar or wind generation, the system compresses CO2, converting electrical energy into potential energy. When energy demand rises or renewable energy generation drops, the stored CO2 is released to drive a turbine, converting the potential energy back into electricity.
This approach offers several advantages over traditional battery systems, including higher energy density, lower costs, and a reduced environmental footprint. Additionally, CO2 is abundant and can be sourced from industrial processes, making the system sustainable and scalable.
The Energy Dome's CO2 Battery technology has the potential to significantly enhance grid stability, facilitate the integration of renewable energy, and support the transition to a low-carbon economy. Given the growing demand for efficient energy storage solutions, this innovative project aligns well with the objectives of the EIC Accelerator and the broader European goals of sustainability and energy security.
Conclusion
The EIC Accelerator program serves as a vital instrument in the European innovation landscape, particularly for groundbreaking projects like Energy Dome SPA's CO2 Battery. By providing blended finance, strategic support, and access to a vast network, the EIC Accelerator empowers companies to scale their innovations, ultimately contributing to a more sustainable and resilient energy future.
2 The Funding Rounds
Financing Raised Since EIC Accelerator Funding
EIC Accelerator Grant (October 2022): Energy Dome SPA, based in Italy, was selected as an EIC Accelerator winner in the highly competitive October 5, 2022 cut-off. The company received €17.5 million in funding from the European Commission through this program. This funding was part of a blended finance package available to select winners combining grants and equity investments.
Series B Funding Round (April–July 2023): Following its EIC Accelerator success, Energy Dome closed a significant Series B round totaling €55 million (about USD 60 million) by July 20, 2023. The first tranche of €40 million closed in April; the final tranche of €15 million was completed with new investor IDO Investments participating.
- Investors:
- First tranche co-led by Eni Next (corporate VC arm of Italian energy major Eni) and Neva SGR (VC arm of Intesa Sanpaolo).
- Other investors included Japan Energy Fund, Barclays’ Sustainable Impact Capital, CDP Venture Capital SGR’s Green Transition Fund – Pnrr, SAGANA, Koninklijke Vopak N.V., Novum Capital Partners, Gruppo Brixia, Elemental Excelerator.
- Second/final tranche led by IDO Investments.
- Round Characteristics:
- Oversubscribed.
- Purpose: Scale-up commercialization globally and execute on a pipeline exceeding nine GWh across five continents; build out Sardinia’s flagship CO₂ Battery project.
Project-Level Funding Commitments Announced December 2023: At COP28 on December 1st, Energy Dome announced further project-level financing commitments for its first commercial-scale CO₂ Battery deployment in Sardinia:
- Up to €35 million grant from Breakthrough Energy Catalyst
- Up to €25 million venture debt commitment from European Investment Bank (EIB), backed via InvestEU funds
Timeline & Amounts
| Date | Event / Round | Amount | Main Investors / Source |
|---|---|---|---|
| Oct. 2022 | EIC Accelerator Win | €17.5M | European Commission |
| Apr.–Jul. 2023 | Series B | Total: €55M (€40M +€15M) | See investor list above |
| Dec. 1st, 2023 | Project-level support | Up to €60M (€35M grant +€25M debt) | Breakthrough Energy Catalyst/EIB |
Note: December round is earmarked for specific project development—not general corporate funds.
Company Valuation
As per Dealroom estimates updated September 2023:
This figure likely pre-dates or does not fully incorporate all proceeds from recent Series B or subsequent project financing rounds.
Investor Information
Key institutional investors since October 2022 include:
- Corporate VCs: Eni Next
- Financial/VCs: Neva SGR (Intesa Sanpaolo), CDP Venture Capital SGR’s Green Transition Fund – Pnrr, SAGANA
- International/Strategic Funds: Japan Energy Fund
- Infrastructure/Industry Strategic Investors: Koninklijke Vopak N.V.
- Impact & Sustainability Investors: Barclays’ Sustainable Impact Capital; Elemental Excelerator; Novum Capital Partners; Gruppo Brixia
- New notable entrants as of July/August tranches including IDO Investments.
On the public/institutional side for specific projects: Breakthrough Energy Catalyst provides large non-dilutive grants for climate technology scale-up while the European Investment Bank supplies venture debt supported by EU programs like Horizon Europe via InvestEU scheme.
Exit Events
As of May 1st, 2025: There is no public information regarding an IPO filing or completion nor any reported acquisition/buyout event involving Energy Dome SPA up through this date. The company remains privately held with ongoing growth-stage financing activity focused on commercial scaling.
Sources
CO2 Battery developer Energy Dome wins EUR 17.5m in EC funding Energy Dome Expands Oversubscribed Series B Financing Round… ENERGY DOME S.p.A. announced that it has received ?55 million… Energy Dome announces funding commitments from Breakthrough…
3 The Press Releases
Energy Dome SpA: A Pioneer in Long-Duration Energy Storage
Energy Dome SpA, an Italian company, has been making significant strides in the field of long-duration energy storage since receiving funding from the European Innovation Council (EIC) Accelerator program in 2022. This funding, totaling €17.5 million, was awarded on December 22, 2022, marking a major milestone for the company.
Technology and Innovations
Energy Dome is renowned for its innovative CO2 Battery technology, which provides a groundbreaking solution for long-duration energy storage. This technology uses liquid CO2 to store energy efficiently and cost-effectively, employing readily available components. The CO2 Battery is designed to make solar and wind power dispatchable 24/7, thereby enhancing grid flexibility and facilitating the integration of renewable energy sources into electrical grids.
The CO2 Battery operates through a closed-loop cycle, where CO2 is compressed and liquified for energy storage and then evaporated to recover energy. This system is modular, allowing for storage capacities of up to 200 MWh, making it suitable for utilities, power producers, and industrial applications.
Funding and Partnerships
In addition to the EIC funding, Energy Dome has secured investments from notable investors such as Barclays, 360 Capital, CDP Venture Capital SGR, and Novum Capital Partners, amounting to $25 million. These investments have been instrumental in driving the company's growth and global deployment of its CO2 Battery technology.
Team and R&D
Energy Dome was founded by Claudio Spadacini, Dario Rizzi, and Francesco Oppici in Milan in February 2020. The founders bring extensive experience in developing innovative power plants, having worked together for over 15 years. The company's team combines youthful energy with seasoned expertise, boasting a diverse workforce with representatives from 15 nationalities and a higher-than-average female presence in engineering roles.
Patents and Intellectual Property
Energy Dome holds a significant portfolio of patents, with 90 global filings and 22 granted patents. The company focuses its R&D efforts primarily in Italy, where it has filed the majority of its patents. Claudio Spadacini, the CEO and founder, has an impressive personal portfolio of over 315 patents.
Recent Accolades
In March 2025, Energy Dome received the prestigious Lorenzo Cagnoni Innovation Award at the Key Energy Transition Expo, recognizing its CO2 Battery technology as a leading innovation in energy storage.
Conclusion
Since receiving the EIC Accelerator funding, Energy Dome has continued to push the boundaries of energy storage technology. With its groundbreaking CO2 Battery technology, strategic partnerships, and strong intellectual property portfolio, Energy Dome is poised to play a crucial role in the global transition to renewable energy.
Sources:
- Energy Dome awarded €17.5M by the European Innovation Council
- The European Innovation Council welcomes 78 high potential start-ups and SMEs
- EIC Accelerator winners and statistics October 2022
- CO2 Battery developer Energy Dome wins EUR 17.5m in EC funding
- Energy Dome bags €17.5 M from EIC to support deployment of CO2 Battery
- Energy Dome Patents - Key Insights and Stats
- Company - Energy Dome
- Energy Dome Wins Lorenzo Cagnoni Innovation Award at Key Energy Transition Expo
- Energy Dome Closes $11 Million Series A Funding, Advances First Commercial-Scale CO2 Battery
4 The Technology Advancements
Energy Dome SPA: Advancements and Developments
Energy Dome SPA, based in Italy, has been at the forefront of innovation in long-duration energy storage (LDES) since receiving the EIC Accelerator funding in October 2022. The company's flagship technology, the CO2 Battery, utilizes carbon dioxide to store energy, offering a cost-effective and efficient solution for integrating renewable energy sources into the grid.
Current Capabilities
- Technology Overview: Energy Dome's CO2 Battery stores energy through adiabatic compression of carbon dioxide, which is liquified during charging and evaporates during discharge in a thermodynamic cycle. This technology is built using off-the-shelf components, making it scalable and globally deployable.
- Commercial Projects: The company is constructing a 20 MW/200 MWh CO2 Battery facility in Ottana, Sardinia, Italy, which is expected to be commissioned in the first quarter of 2025. This project is supported by a commercial offtake agreement with ENGIE, marking a significant milestone in deploying innovative clean technologies.
- Global Expansion: Apart from the Italian project, Energy Dome also has plans for a similar facility in Wisconsin, USA, scheduled to begin construction in 2026 and start operations in 2027.
Advancements Since EIC Funding
Since receiving the EIC funding, Energy Dome has made significant advancements:
- Funding and Partnerships: Beyond the €17.5 million from the EIC, Energy Dome has secured additional investments from strategic partners like Barclays and the Catalyst program of Breakthrough Energy. This support has enabled the company to accelerate its business scale-up and deploy its technology globally.
- Market Recognition: Energy Dome was recognized as the LDES Company of the Year at the 2024 Energy Storage Awards, highlighting its impact in the energy storage sector.
- Innovation Awards: The company received the Lorenzo Cagnoni Innovation Award in 2025 for its groundbreaking energy storage solutions, further solidifying its position as a leader in sustainable energy technologies.
Technology Improvements and Demonstrations
- Demonstration Projects: Energy Dome has successfully operated a smaller-scale 2.5 MW/4 MWh CO2 Battery demonstrator in Sardinia, which paved the way for larger-scale commercial projects.
- New Features and Improvements: While specific new features have not been detailed, the company's technology continues to leverage readily available components and modular designs, enhancing its scalability and cost-effectiveness.
Patents and Publications
There is no specific mention of new patents filed or scientific studies published by Energy Dome since the EIC funding. However, the company's achievements and partnerships have been widely recognized in the energy sector, reinforcing its commitment to advancing long-duration energy storage solutions.
Conclusion
Energy Dome SPA has made significant strides in long-duration energy storage since receiving the EIC Accelerator funding in 2022. With its innovative CO2 Battery technology and strategic partnerships, the company is poised to play a crucial role in the global transition to sustainable energy systems.
Sources: - Energy Dome - Join the Deployment Era in Long-Duration Energy Storage
- Energy Dome and ENGIE Sign Pioneering Storage Offtake Agreement
- Get Ready for the Energy Storage Decade
- Engie signs offtake contract for long-duration CO2 Battery project in Sardinia, Italy
- Energy Dome and Engie Introduce Groundbreaking CO2 Battery
- Breakthrough Carbon Capture Tech Achieves 99% CO₂ Removal
- Energy Dome bags €17.5 M from EIC to support deployment of CO2 battery
- Energy Dome Wins Lorenzo Cagnoni Innovation Award at Key Energy Transition Expo
- Energy Dome and ENGIE Sign Pioneering Storage Offtake Agreement
- Energy Dome awarded €17.5M by the European Innovation Council
5 The Partnerships and Customers
Energy Dome SPA: Partnerships and Developments Since EIC Accelerator Funding
Energy Dome SPA, an innovative Italian company specializing in long-duration energy storage solutions, received funding from the EIC Accelerator in October 2022. Since then, the company has made significant strides in partnerships, customer acquisitions, and technological advancements.
Partnerships and Customers
Energy Dome has established strategic partnerships with several prominent entities:
- MAN Energy Solutions: Energy Dome partnered with MAN Energy Solutions, enhancing its CO2 Battery technology. This collaboration highlights the company's commitment to advancing clean energy solutions.
- ENGIE: A pioneering off-take agreement was signed with ENGIE for the first full-scale CO2 Battery in Ottana, Sardinia. This facility, due to be operational in early 2025, demonstrates the commercial viability of Energy Dome's technology.
- Alliant Energy: Energy Dome secured a landmark supply contract with Alliant Energy for the Columbia Energy Storage Project in the U.S., marking a significant step in scaling its technology across North America.
New Partners and Customers
Recent developments include partnerships with:
- Breakthrough Energy Catalyst and the European Investment Bank: These entities have committed funding to support Energy Dome's first standard commercial-scale CO2 Battery.
- New Investors: Energy Dome's Series B funding round attracted investments from notable entities like Eni Next, Neva SGR, Japan Energy Fund, and others, solidifying its financial position.
Nature of New Relationships
These partnerships and investments are designed to accelerate the commercial deployment of Energy Dome's innovative CO2 Battery technology. The collaboration with ENGIE, for instance, showcases the company's "Energy Storage as a Service" model, where Energy Dome owns and operates the facilities while partners optimize energy distribution.
Market Positioning and Technology Advancements
These relationships position Energy Dome as a leader in long-duration energy storage, enabling it to scale its operations globally. The partnerships with ENGIE and Alliant Energy demonstrate the commercial readiness of its technology, while funding from Breakthrough Energy Catalyst and the European Investment Bank supports its expansion plans.
The strategic alliances and investments will help Energy Dome enhance its technological capabilities by validating its business model and accelerating the deployment of its CO2 Battery solutions worldwide. This positions the company to play a crucial role in the global transition to renewable energy sources by providing reliable, long-duration energy storage solutions.
Sources
- Energy Dome Announces Strategic Partnership with MAN Energy Solutions
- Energy Dome And ENGIE Sign Pioneering Storage Offtake Agreement
- Energy Dome Expands Oversubscribed Series B Financing Round
- Energy Dome Signs First U.S. Contract with Alliant Energy
- Energy Dome Closes 40 Million Euro Series B Financing Round
- Energy Dome Announces Funding Commitments from Breakthrough Energy Catalyst and the European Investment Bank
- Energy Dome and Engie Introduce Groundbreaking CO2 Battery
6 The Hiring and Company Growth
Energy Dome, an Italian energy storage innovator and EIC Accelerator winner (2022), has demonstrated significant growth in team dynamics and operational scaling since securing funding. While exact headcount figures are not publicly disclosed, the company emphasizes its diverse workforce of over 15 nationalities with a strong female representation exceeding Italy’s engineering sector average. The team’s youth-centric profile (average age under 35) combines emerging talent with seasoned professionals experienced in renewable energy projects.Team Growth & Hiring Trends
The company is actively expanding to meet global deployment demands for its CO2 Battery technology. Recent milestones include:
- Strategic hires: Energy Dome has bolstered its engineering, project management, and commercial teams to support multiple large-scale installations, including a 20MW/200MWh facility in Sardinia (operational by Q1 2025) and a U.S. project with Alliant Energy.
- Cross-functional expertise: New recruits enhance capabilities in grid integration, market optimization (notably through partnerships like the ENGIE offtake agreement), and supply chain management for standardized CO2 Battery production.
Operational Scaling Drivers
Recent team additions directly support:
The founding team—Claudio Spadacini (CEO), Dario Rizzi, and Francesco Oppici—remains intact, leveraging their 15+ years of collaborative experience in clean energy systems to guide this growth phase.
Sources
- Company - Energy Dome
- Energy Dome And ENGIE Sign Pioneering Storage Offtake Agreement
- Energy Dome Wins Lorenzo Cagnoni Innovation Award at Key Energy Transition Expo
- Energy Dome Signs First U.S. Contract with Alliant Energy
7 The Media Features and Publications
Energy Dome SPA Overview
Energy Dome SPA, an innovative energy storage solutions provider from Italy, has been making significant strides in the field of long-duration energy storage. The company successfully secured EIC Accelerator funding on October 5, 2022.
Media Features and Publications
Energy Dome has garnered attention in various media outlets and publications for its groundbreaking CO2 Battery technology. This innovation enables solar and wind power to become dispatchable, offering a crucial solution for renewable energy integration into grids. Notably, Energy Dome was featured in the 2024 Global Cleantech 100, recognizing its role in revolutionizing energy storage and enabling grid decarbonization.
In publications, Energy Dome has been highlighted for its energy storage as a service plans, including the development of a full-scale CO2 long-duration storage facility in Sardinia, Italy. This facility, equipped with a 20-megawatt battery unit, is designed to provide electricity for a continuous 10-hour period.
Podcasts and Interviews
While specific podcasts or interviews featuring the team of Energy Dome SPA are not documented, the company's leadership, including CEO Claudio Spadacini, has been actively involved in promoting its technology through various press releases and industry events.
Conference and Fair Visits
Energy Dome participated in the Key Energy Transition Expo in Rimini, Italy, where it received the Lorenzo Cagnoni Innovation Award for its cutting-edge energy storage solutions. This event serves as a platform for discussing innovative technologies and strategies in the energy sector.
Involvement in Events
The company has been actively engaged in promoting its CO2 Battery technology through conferences and exhibitions. Its participation in such events underscores its commitment to driving technological advancements in sustainable energy.
Conclusion
Energy Dome SPA has emerged as a leader in the field of long-duration energy storage, leveraging its proprietary CO2 Battery technology to make renewable energy more dispatchable. With significant media coverage, participation in industry events, and recognition through awards, Energy Dome continues to shape the future of sustainable energy solutions.
Sources
- Energy Dome - Join the Deployment Era in Long-Duration Energy Storage
- Company - Energy Dome
- ENERGY DOME SPA Company Profile
- Energy Dome Successfully Launches First CO2 Battery Long-Duration Energy Storage Plant
- Energy Dome Named on the 2024 Global Cleantech 100
- Inside Energy Dome's Energy-Storage-as-a-Service Plans
- Energy Dome Wins Lorenzo Cagnoni Innovation Award
- Energy Dome Closes $44 Million Financing Round for CO2 Storage
- Energy Dome Closes 40 Million Euro Series B Financing Round
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