Sunswap, a UK-based clean-tech startup focused on decarbonizing cold chain logistics, has raised £17.3 million in a funding round led by investment company BGF. The funding will accelerate the deployment of Sunswap’s zero-emission transport refrigeration technology across the UK and Europe.
The investment round saw contributions from Shell Ventures, Dutch venture capital fund Move Energy, and existing investors Barclays and Clean Growth Fund. These funds will support the further development and production of Sunswap’s innovative zero-emission Transport Refrigeration Units (TRUs).
Sunswap’s flagship product, the “Endurance” TRU, is a fully electric refrigeration solution that combines advanced battery technology, solar power, and rapid charging capabilities. This technology eliminates tailpipe carbon emissions and offers a cost-effective alternative to traditional diesel-powered refrigeration units. The Endurance TRU features solar panels on the trailer roof and a cloud-based telematics system, allowing operators to monitor and control the units remotely, thereby enhancing performance and operational efficiency.
The technology has undergone successful commercial trials with industry leaders such as Tesco and Muller, showcasing superior performance and a lower total cost of ownership compared to conventional diesel units. Sunswap boasts an expanding customer base that includes equipment services provider TIP Group, shipping and logistics giant DFDS, and leading UK operators.
James Ferrier, Director, Principal Investments at Barclays Sustainable Impact Capital, emphasized that Sunswap’s shift towards fully electric, zero-emission TRUs represents a significant advancement in the logistics industry. Given the industry's substantial financial and environmental footprint, adopting clean tech solutions supports sustainable growth.
The co-founder and CEO of Sunswap, Michael Lowe, highlighted the importance of this investment in accelerating the company's growth and expanding its market presence. Rowan Bird, an investor at BGF, noted the potential of Sunswap’s TRU technology to help fleet operators reduce their carbon footprint and operational costs. Stephen Price, Investment Director at Clean Growth Fund, expressed confidence in Sunswap's ability to lead the decarbonization of cold chain logistics based on their remarkable progress since the initial investment in March 2022.
With the new funding, Sunswap aims to expand its production capacity to meet growing customer demand, enhance its nationwide service network, and further advance its technological development. The company seeks to capitalize on significant market opportunities in the UK and Europe for cleaner, more sustainable transport solutions.
This substantial investment positions Sunswap to continue its mission of providing sustainable transport refrigeration solutions and supporting businesses in meeting their sustainability targets.
