The Bank's investment in Sunamp's thermal energy storage technology primarily aligns to the Bank's innovation mission and also supports the net zero and place missions.
Through partnership with the University of Edinburgh, Sunamp has developed thermal energy storage technology, commonly referred to as heat batteries. These innovative products can be used in homes as well as commercial and industrial settings to replace or supplement existing solutions.
The majority of final household energy consumption is heat and Sunamp's heat batteries significantly improve the efficiency of domestic heating systems. They are twice as efficient at storing heat than the next best alternative, resulting in lower energy usage.
Funding from the Bank will allow the company to continue to scale up production at their factory in East Lothian and will enable Sunamp to work towards future fundraising that will help them deliver on their ambitions for further global growth.
Eilidh Mactaggart, CEO of the Scottish National Investment Bank, said:
“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.”
Andrew Bissell, Founder & CEO of Sunamp, said:
“The Bank and Sunamp share a vision of a world powered by affordable and sustainable energy. The Bank understands and supports the role our thermal technologies will play in accelerating the adoption of renewables in the transition to net zero. 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.
“With this funding, we will continue to scale the market for our technology and will grow national operating teams in at least 10 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 in March 2020 to £55 million by the end of the same year, mainly due to large scale, multi-year OEM and distribution partnerships in Asia, the UK and Europe. There are many exciting opportunities in Sunamp’s pipeline, including some that will see us become firmly established in commercial, industrial and automotive markets as well.”