SNIB backs battery firm Sunamp’s global plans
Andrew Bissell: enormous potential
Sunamp has received £6 million from the Scottish National Investment Bank to help increase sales of its energy-efficient batteries across the UK and overseas.
Specifically, it will grow its operating teams in at least 10 of the 17 countries in which it already operates.
It has so far shipped more than 15,000 thermal batteries for the residential market from its manufacturing facility on the outskirts of Edinburgh.
It recently opened premises in Zurich and will open its first overseas manufacturing facility under licence in Korea in October 2021.
Sunamp’s compact thermal stores are designed to have a lifespan of up to 50 years, and to be highly circular in their product life cycle. The product range claims to include the world’s most compact and most energy efficient alternative to hot water cylinders and storage water heaters.
Connected to renewable energy sources such as heat pumps, Sunamp heat batteries support net zero heating and hot water, using less energy than other forms of thermal storage, and taking up a fraction of the space.
In addition to global expansion, the Bank’s investment, in the form of a convertible loan note, will support Sunamp to enhance its product line into container scale thermal batteries.
Andrew Bissell, Sunamp chief executive, said: “The Bank and Sunamp share a vision of a world powered by affordable and sustainable energy.
“We are passionate about what we do, and the Bank’s investment is a strong vote of confidence in our strategy and our capability to become a significant global player in transforming how we heat and cool our buildings.
“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 in March 2020 to £55 million by the end of the year, mainly due to large scale, multi-year OEM and distribution partnerships in Asia, the UK and Europe.
“There are many exciting deals in the pipeline, including some that will see us become firmly established in commercial, industrial and automotive markets as well.”
Eilidh Mactaggart, CEO of Scottish National Investment Bank, said “This innovative Scottish business has developed technology which can make a significant positive impact on domestic and commercial heat provision.
“Sunamp’s thermal energy storage products have the potential to make a significant positive impact on domestic and commercial heat generation and energy efficiency.
“It is reflective of the quality of Scotland’s research institutions that this technology has been developed in collaboration with the University of Edinburgh and is now being exported internationally.
“It is an exciting time for the Bank to be supporting the team at Sunamp as they seek to further expand both domestically and internationally.”