£4.5m Series A funding
Latin investor backs Sunamp’s battery vision
Andrew Bissell: ‘driving down energy consumption’
Thermal energy technology company Sunamp has raised £4.5m in a Series A financing round led by an investor in Latin America who believes it has the opportunity to become a “game-changer in the energy sector”.
The company manufactures from its base in East Lothian has developed a range of batteries that deliver hot water, cooling and space heating on demand.
Chilean venture capital firm Aurus Capital, one of the largest in Latin America, provided £3.2m in this round. Scottish Investment Bank and existing private investors were other participants.
The fundraising will support commercial scaling in the UK and international expansion in Central Europe, Asia and North America.
Aurus Capital managing partner, Victor Aguilera said: “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.”
Sunamp CEO Andrew Bissell said: “Throughout the Covid-19 pandemic, we have been receiving new orders and forging new relationships with national and international partners.
“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.”
Advisers were Ben Lynch of Cleantech Capital Advisers (London and Paris), MBM Commercial and Addleshaw Goddard.