Scottish tech company, Sunamp, has just landed £2.2 million in funding from backers, which includes Japanese energy utility company Osaka Gas.
Sunamp plans to use the funds to expand its business internationally and to further scale its operations.
The company’s seed funding round saw it secure further funding from existing investors including the Scottish Investment Bank, Equity Gap and Par Equity. Sunamp has said that this funding will help pave the way for a ‘series A’ funding round early next year.
Sunamp founder Andrew Bissell said: “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 Tech Reduces Fuel Bills
Sunamp, which is based in Macmerry in East Lothian, specialises in developing energy storage technology for heating and hot water in homes and businesses. Its heat batteries store available energy from renewable and non-renewable sources, releasing it on demand.
According to Bissell, his company’s thermal heating technology is proven to lower carbon emissions and fuel costs and feels it will has a “very significant role to play as communities worldwide strive to become sustainable and better places to live.”
To date, its batteries have been installed in more than 1,000 homes across the UK, and a number of housing associations are adopting the technology to cut fuel bills for tenants. This successful round of funding follows hot on the heels of the company signing a deal with Chinese firm Trina Solar to develop a way of using Sunamp’s batteries to work in conjunction with solar panels.