Scottish thermal battery maker Sunamp has raised £4.5 million as part of a Series A financing round.
Sunamp received £3.2m from Chilean venture capital firm, Aurus Capital Industrial, with additional funds coming from the Scottish Investment Bank and existing private investors.
With the funding, Sunamp aims to scale up its operations in the UK and expand into Central Europe, Asia and North America.
Sunamp produces a range of heat batteries that can store and release energy to deliver hot water, cooling and space heating on demand. The company’s heat batteries are used to heat and cool across a wide range of temperatures, and in various residential and industrial applications.
For the residential market, heat batteries can be used to replace bulky hot water cylinders with compact heat batteries. Smaller, denser and more efficient, the batteries release heat on demand to provide hot water and responsive central heating, potentially cutting energy consumption and carbon emissions.
Heat batteries can also consume renewable energy during times of excess capacity, protecting the grid from overload.
As the only heat battery manufacturer in the world to receive A Grade RAL Certification, Sunamp has global growth potential. The company’s products can be used across many industry sectors including commercial, industrial and automotive markets, and the company has begun producing batteries for large scale industry cooling.
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The company has spent much of the early stages of development refining its product and establishing manufacturing facilities in the Edinburgh City Region. In gearing up for full commercialisation, it has achieved six-fold sales growth and anticipates a significant further increase in sales in the next year.
Sunamp CEO Andrew Bissell said: “We are delighted to have the support of Aurus as we move forward at pace with our growth plans and capitalise on the interest in our products from around the world.
“Throughout the Covid-19 pandemic, we have been receiving new orders and forging new relationships with national and international partners. We also welcome the continued support of our existing investors as we move forward into our next exciting phase of growth and development.
“We are driving down energy consumption associated with heating and cooling of homes, businesses and industrial environments which means we have a very significant role to play in tackling today’s climate emergency.”
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Aurus Capital Managing Partner Victor Aguilera said: “We are excited to be part of Sunamp and being able to contribute to its global scaling. We have been impressed by what the team has accomplished so far and look forward to supporting their vision for a better planet.
“We believe that Sunamp has the opportunity to become a game-changer in the energy sector and contribute significantly to protect our environment by enabling more renewable energy to go into heating and cooling, and at the same time-saving money in millions of homes and industries across the world.
“This is another example of our focus on investing in leading companies with advanced materials technologies generating positive impacts.”
Scottish Investment Bank director Kerry Sharp said: “It is fantastic to see Sunamp’s growth and we are pleased to have supported this innovative company as it leads the way in green power technology.”
“This highlights Scotland’s global reputation and talent for renewables that will shape our future low carbon economy and drive towards meeting net-zero targets.”