Scotland-based heat storage firm Sunamp Ltd announced this week that it has raised £3.2 million ($4.7 million) in a recent funding round.
According to the company, investors included an unnamed ‘international private investor in the energy market’ as well as existing investors the Scottish Investment Bank, Par Equity, Equity Gap, Highland Venture Capital and Old College Capital.
The funds will be used toward expansion, advancing the firm’s heat battery (pictured) solutions and moving into new markets, specifically Europe, North America and Asia Pacific.
Sunamp’s founder and CEO Andrew Bissell said, ‘Our team’s mission is to grow the business nationally and internationally, making Sunamp Heat Batteries the “go-to” solution for heat energy storage’.
He added that ‘the global thermal energy storage market is expected to reach $1.8 billion by 2020 and we are excited about the potential of our product to solve a world-wide problem.’