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UK-based clean-tech startup Sunswap, dedicated to decarbonising cold chain logistics, has secured an impressive £17.3 million in a funding round led by investment firm BGF. This financial boost is set to accelerate the deployment of its zero-emission transport refrigeration technology across the UK and Europe. Sunswap's innovative technology combines solar power and advanced battery systems, offering a low-carbon alternative to the diesel-powered refrigeration units typically used by articulated lorries transporting chilled goods across Europe's road network.
The £17.3 million investment, which includes contributions from Shell Ventures, Dutch venture capital fund Move Energy, and existing supporters Barclays and Clean Growth Fund, will drive the development and mass production of Sunswap's fully electric Transport Refrigeration Units (TRUs).
Sunswap's flagship product, the "Endurance" TRU, represents a significant leap forward in sustainable logistics. It eliminates tailpipe carbon emissions while offering a cost-effective alternative to conventional diesel-powered refrigeration units. By integrating cutting-edge battery technology with solar panels and rapid charging capabilities, Endurance enables fleet operators to shift to zero-emission refrigeration without sacrificing performance.
The units are equipped with solar panels mounted on the trailer roof and a cloud-based telematics system, allowing operators to monitor and manage real-time performance. This combination enhances efficiency and delivers substantial operational cost savings for users.
Sunswap has already conducted rigorous commercial trials with industry heavyweights like Tesco and Muller, proving the superior performance and lower total cost of ownership of its electric TRUs compared to traditional diesel units.
With a growing customer base that includes major players such as TIP Group, DFDS, and leading UK logistics operators, Sunswap plans to use the funding to expand production, meet increasing demand, and enhance its nationwide service network. The company is well-positioned to seize significant market opportunities in the UK and Europe as the demand for cleaner, more sustainable transport solutions grows.
Michael Lowe, co-founder, and CEO of Sunswap, said: We are thrilled to have BGF and Shell Ventures support in our mission to decarbonise cold chain logistics. Their investment, alongside the continued backing of our existing investors, is a real validation of Sunswap's journey to date. This funding will accelerate our growth and expand our presence in the UK and European markets. It will enable us to ramp up production, support further customer trials, and invest in the development of our zero-emission technology. Together, we will work towards a cleaner, greener future for cold chain logistics, helping businesses meet their sustainability targets."
Rowan Bird, investor at BGF, said: "As the logistics industry moves towards more sustainable practices, Sunswap's TRU technology stands out as a leading solution for fleet operators seeking to reduce their carbon footprint and operational costs. BGF is excited to support Sunwap in continuing to develop its technology, expand manufacturing capabilities, and strengthen its portfolio as a leader in the field of climate tech. This is a groundbreaking business with significant near-term market potential, and we look forward to being part of the company's growth journey."
Stephen Price, Investment Director, Clean Growth Fund, said: "We are delighted to provide further investment to Sunswap as part of this round. The Company has made outstanding technical and commercial progress since we first invested back in March 2022 and is the leading innovator in transport refrigeration. With this further investment Sunswap is poised to accelerate the decarbonisation of cold chain logistics and rapidly transition the industry away from highly polluting legacy technology."
James Ferrier, Director, Principal Investments, Barclays Sustainable Impact Capital, said: "Sunswap's latest acceleration towards a fully electric, zero-emission alternative to diesel-powered Transport Refrigeration Units demonstrates a step forward in the logistics industry. As an industry that generates annual revenues of £1.3 trillion and contributes £185 billion to the UK's economy*, it makes both financial and environmental sense that we adopt clean tech to support its growth. Marking Barclays' continued support for Sunswap, we are proud to help scale technology essential to decarbonisation."
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