Sunamp, the heat energy storage company, has raised £3.2m in its latest funding round led by an international private investor in the energy market.
Sunamp designs and manufactures non-toxic, compact ‘Heat Batteries’ that store heat from renewable and non-renewable sources, cutting both fuel costs and carbon emissions.
Existing investors, including Scottish Investment Bank, Par Equity, Equity Gap, Highland Venture Capital and Old College Capital, also participated in this round.
The money will be used to fund the company’s expansion to meet market demand, to enter international markets and for product advancement.
Sunamp is gearing up to take on competitors including Tesla Motors, which has also entered the energy storage market.
The company was founded by veteran technology entrepreneur Andrew Bissell, who sold his previous company, the 3D medical imaging business Voxar, for €39m to Barco NV in 2004.
Bissell said: “We are grateful to our investors for their vote of confidence in our products and our business model.
“Our team’s mission is to grow the business nationally and internationally, making Sunamp Heat Batteries the “go to” solution for heat energy storage.
“Sunamp PV heat batteries are now helping to cut carbon emissions and lower fuel bills in over 700 homes thanks, in part, to a competitively won £3.2m grant from the Local Energy Challenge Fund, and we have proved our abilities as a volume manufacturer.”
He added: “The global thermal energy storage market is expected to reach US$1.8bn by 2020 and we are excited about the potential of our product to solve a world-wide problem.
“We are now ready for the next phase of expansion, and have our sights set on the North American markets, Europe and Asia-Pacific.
“This additional funding will help us to broaden our market reach and to continue our impressive product development.”