Sunamp signs £50m deal to expand in China
Andrew Bissell: significant expansion
Thermal storage company Sunamp has signed a deal worth £50 million over five years with distribution company Thumos to expand sales into residential and commercial markets in China.
The memorandum of understanding is expected to see the Tranent-based firm set up a factory in China, following the opening of a facility under licence in Korea. Sunamp is active in 17 countries.
Chief executive Andrew Bissell said: “Ahead of the United Nations climate summit, China’s State Council declared the share of non-fossil fuels in the country’s energy consumption will increase to 2% by 2030, that’s nine percentage points higher than it was in 2020.
“Our products have a role to play in that transition by increasing the efficiency of renewables and we are excited by the opportunity to collaborate with Thumos to significantly expand our sales in China.
“Together we will continue to develop and commercialise innovative low carbon systems for heating and cooling, including electric water heater products and air-source heat pump water heater products based on our Plentigrade phase change material.”