Sunamp raises £3.2m
Derek Hamill is head of corporate in Gilson Gray. Gilson Gray advised Sunamp Limited in connection with the recent funding round. Gilson Gray is the largest new start law firm in Scotland for over 100 years, having been formed by various experts and heads of department from previous national firms. The firm started trading on 1st May 2014, and has just completed its second full financial year. In both the first and second financial years, we exceeded our growth, revenue and profit targets and the firm has grown from an initial head count of 31 to 79. Gilson Gray provides commercial advice to enterprises of all sizes, with particular focus on owner managed SMEs of significant size and growth, and particularly business operating internationally.
Gilson Gray advised Sunamp with its funding round. What was your specific role?
Gilson Gray advised the company on the legal issues associated with its funding, including addressing issues associated with the investment and structuring the transaction to obtain the best commercial advice in connection with the transaction documentation. In addition, Gilson Gray strives to add value to deals with its clients, and in this transaction that included playing a key role in introducing one of the major investors to the company for this funding round.
What prompted the funding round?
Sunamp is a high growth company with an innovative product: Heat batteries that are charged through solar energy. There is an increasing demand for energy storage solutions that tie in with other renewable energy projects, and the investment was intended to allow Sunamp to continue its ambitious growth, expansions and sales plans.
What were the challenges, if any, of bringing the funding round to completion?
This was a significant funding transaction involving various existing and new investors, and so it was necessary to manage the competing interests of all parties to ensure a fair deal was reached for everyone.
Is there anything else you would like to add?
This is one of just many high value transactions and investments that Gilson Gray routinely advises upon; the firm has clients throughout the UK and, indeed, Europe and the Americas who are active in buying, selling and investing in businesses. The firm has a team of partners and senior staff who all have many years of experience in the sector, including dual qualified solicitors capable of acting both in England and in Scotland and a network of foreign solicitors able to source investment and funding, and deal with international matters.
Sunamp secures £3.2 million in funding round Sunamp, the heat energy storage leader, has raised £3.2 million in its latest funding round led by an international private investor in the energy market. Sunamp designs and manufactures non-toxic, compact Heat Batteries that store heat from renewable and non¬renewable sources, cutting both 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.
Gilson Gray acted as advisers on the transaction, with Derek Hamill leading on behalf of the full service law firm.
Sunamp is gearing up to take on competitors including Tesla Motors, which has also entered the energy storage market. The company was founded by veteran technology entrepreneur Andrew Bissell, who sold his previous company, the 3D medical imaging business Voxar, for €39 million to Barco NV in 2004.