Italian long-duration energy storage company Energy Dome is in talks with infrastructure investors, including Meridiam, for a new equity raise, after clinching an initial deal with Google last month, sources familiar with the situation said.

Milan-headquartered Energy Dome, which has been developing a new technology to store electricity by using CO2, has reached out to several investors in the past year or so to discuss how to deploy and expand its new technology with support from external investors, the sources said.

Meridiam is among the investors that are potentially interested in Energy Dome’s projects but particularly for US transactions, according to sources.

Other European investors have also been approached, the sources added.

The exact target amount and timeline of the equity raise are not known, but one of the sources said that the company’s initial target was to raise around EUR 50m in this equity round.

Founded in 2020, Energy Dome focuses on the DBFOM of CO2 battery long-duration energy storage plants, which require around five hectares of relatively flat land for each 200 MWh, according to the company’s website.

Last week, Energy Dome announced a strategic investment of an undisclosed amount made by Google in the company. This is in addition to signing a commercial agreement to deploy storage for Google’s global data centre operations, according to the Energy Dome statement.

Back in December, Energy Dome and Engie signed an offtake agreement for the first full-scale CO2 battery developed by Energy Dome and located in Sardinia, Italy. The company earlier this year set up an office in Melbourne to expand in the Asia-Pacific region, while it also opened its first US office in Boston last year.

The company raised a total EUR 55m in Series B equity round in 2023, backed by investors including Eni’s corporate venture capital arm Eni Next, Intesa Sanpaolo’s Neva SGR arm and another dozen venture capital investors. The same year, it also secured funding from the Breakthrough Energy Catalyst and the EIB for its project in Sardinia.

Energy Dome and Meridiam declined to comment on the planned equity raise.