Sunamp, the technology company that is fundamentally improving energy storage for heating and hot water in homes and businesses, has secured £2.2m in funding.
The late seed round included further participation from Scottish Investment Bank, Equity Gap, PAR Equity and a number of new investors including Japanese energy utility Osaka Gas. This round completes the seed investment stage, positioning the company well to raise a ‘series A’ round early next year. The company plans to use the funds towards expansion of its international footprint and further scaling its operations.
Established in 2006 by technology entrepreneur Andrew Bissell, Sunamp is already a world leader in thermal energy storage thanks to a revolutionary design for heat batteries containing non-toxic phase change material. Sunamp heat batteries store available energy from renewable and non-renewable sources, releasing it on demand as cascades of hot water and ultra-responsive central heating.
Compact, A+ rated and scalable, Sunamp heat batteries are tailored for commercial and domestic use, improving energy efficiency in homes and businesses. They allow more renewable energy to be used both behind the meter and in the electricity grid by helping to absorb peaks of renewable energy generation, deal with intermittency and reduce curtailment.
Sunamp has global growth potential, not only in the built environment but also many other industry sectors including commercial, industrial and automotive markets. The company has spent much of the early stages of development refining its product and establishing manufacturing facilities in the Edinburgh City Region.
“Thermal energy storage has a very significant role to play as communities worldwide strive to become sustainable and better places to live,” said Sunamp CEO Andrew Bissell. “Our technology is proven to lower carbon emissions and fuel costs. We’re delighted to have the continued support of our existing investors and to welcome new investors at this round as we power ahead to grow our business and address climate change in partnership.”
Sunamp heat batteries have so far been installed in over one thousand homes across the UK and the company recently launched its third generation UniQ range of heat batteries which have a proven life cycle of over 40,000 cycles with no degradation, the equivalent to over 50 years of normal use.
UK Housing Associations are adopting Sunamp technology to cut fuel bills for thousands of tenants by harnessing renewable energy and storing it as heat to produce heat and hot water, with no need for a hot water tank or immersion heater. National house builders are adopting Sunamp heat batteries in conventional gas boiler systems to save space and because they are easier and less expensive to install than hot water cylinders.