Thermal Energy Storage Systems Company Sunamp Raises $8 Million
Sunamp will use the funding to expand into China, Europe, and the Americas
From: Mercom Capital Group
Sunamp, a provider of thermal energy storage systems, has raised £6 million (~$8.21 million) in Series B funding from the Scottish National Investment Bank. Sunamp plans to utilize the funding to enhance manufacturing, boost sales in the United Kingdom, and expand into China, the Americas, and Europe.
The company is active in 17 countries, and its U.K. manufacturing facility on the outskirts of Edinburgh has shipped over 15,000 thermal stores for the residential market.
This investment connects with the bank’s mission to promote the country’s transition to net-zero energy and invest in future innovation and technology by enabling the use of renewable energy. In addition, it will help further develop solutions to help the automotive industry improve fuel economy and reduce carbon emissions.
“With this funding, we will continue to scale the market for our technology and will grow national operating teams in at least ten countries. There is enormous potential for our thermal storage technologies and products both under Sunamp and partner brands. Our order book grew 250-fold from £200,000 (~$2,73,452) in March 2020 to £55 million (~$75 million) by the end of the same year, mainly due to large scale, multi-year OEM and distribution partnerships in Asia, the U.K., and Europe,” Andrew Bissell, Sunamp Chief Executive, said.
Sunamp had raised £4.5 million (~$6 million) in a Series A financing round last year. The Scottish National Investment Bank was a key participant in that round of funding also.
According to Mercom’s 1H and Q2 2021 Funding and M&A Report for Storage, Grid & Efficiency, global funding for battery storage, smart grid, and efficiency companies in the first half (1H) of 2021 was up over 593% year-over-year (YoY) with $10.4 billion compared to $1.5 billion raised in the same period last year.
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