A MACMERRY company has been given £3.2 million in its latest funding round, led by an international private investor in the energy market.

Sunamp, based at Macmerry Industrial Estate, designs and manufactures non-toxic, compact heat batteries that store heat from renewable and non-renewable sources, cutting fuel costs and carbon emissions.

Existing investors, including Scottish Investment Bank, Par Equity, Equity Gap, Highland Venture Capital and Old College Capital, also participated in this round.

The money will be used to fund the company’s expansion to meet market demand, to enter international markets and for product advancement.

Andrew Bissell, CEO of Sunamp, said: “We are grateful to our investors for their vote of confidence in our products and our business model.

"Our team’s mission is to grow the business nationally and internationally, making Sunamp Heat Batteries the solution for heat energy storage.

“Sunamp PV heat batteries are now helping to cut carbon emissions and lower fuel bills in more than 700 homes, thanks, in part, to a competitively won £3.2m grant from the Local Energy Challenge Fund, and we have proved our abilities as a volume manufacturer.”

He added: “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 worldwide problem.”

After the initial success of the business, Mr Bissell hopes to break into the market further afield. He added: “We are now ready for the next phase of expansion, and have our sights set on the North American markets, Europe and Asia-Pacific.

“This additional funding will help us to broaden our market reach and to continue our impressive product development."