Sunswap, a UK-based CleanTech startup, has raised over €20 million in a funding round headed by BGF, to transform cold chain logistics.
A group of investors, including BGF, Shell Ventures, Move Energy, a Dutch venture capital fund, and previous supporters Barclays and the Clean Growth Fund, helped secure the raised sum. Sunswap’s zero-emission Transport Refrigeration Units (TRUs) development and manufacture will largely advance thanks to this funding infusion.
Funding Usage:
With this fresh funding, Sunswap’s zero-emission transport refrigeration technology will be implemented more quickly throughout the UK and Europe, which will significantly advance the decarbonization of the logistics sector. Further, Sunswap hopes to take the lead in revolutionizing the logistics sector by offering a greener, cleaner cold chain logistics solution that complies with international sustainability standards.
The recently obtained funds will help Sunswap enhance its nationwide service network, accelerate technological advancements, and increase manufacturing to meet rising consumer demand. This funding positions Sunswap to capitalize on the substantial market opportunities for greener, more sustainable transportation solutions across the UK and Europe.
Sunswap has developed innovative hybrid solar and battery technology, which mounts directly on the trailer units of articulated lorries used to deliver chilled consumer goods across the European road network. This creative solution addresses the pressing demand for sustainable practices in the logistics industry by providing a low-carbon substitute for conventional diesel-powered refrigeration units.
The Endurance TRU, an electric solution that reduces carbon emissions from tailpipes and offers a reasonably priced substitute for diesel units, is the centerpiece of Sunswap’s product line. With the combination of solar power, fast charge times, and cutting-edge battery technology, endurance allows fleet managers to effortlessly make the switch to zero-emission refrigeration without sacrificing functionality.
The Endurance units have a cloud-based telematics system that enables operators to monitor and operate the units in real-time, together with solar panels mounted on the trailer roof. This technology is an appealing choice for fleet managers since it guarantees excellent performance and offers substantial operating savings.
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Sunswap’s technology demonstrated its value in real-world trials with major market players like Tesco and Müller, delivering greater efficiency and a lower total cost of ownership than conventional diesel units. Notable brands like shipping and logistics behemoth DFDS and equipment services supplier TIP Group are among the company’s expanding clientele.
The CEO and co-founder of Sunswap, Michael Lowe, said:
“We are excited to have support from BGF and Shell Ventures in our mission to decarbonize cold chain logistics. Their contribution is a true testament to Sunswap’s success thus far, as is the ongoing support of our current investors. This funding will accelerate our expansion and boost our footprint in the UK and European markets. Further, thanks to it, we will be able to increase manufacturing, fund additional client trials, and invest in advancing our emission-free technology. We will collaborate to create a more environmentally friendly and clean cold chain logistics industry, assisting companies in achieving their sustainability goals.”
Investors Statements:
James Ferrier, Director of Principal Investments at Barclays Sustainable Impact Capital, added:
“Sunswap’s latest acceleration towards a fully electric, zero-emission alternative to diesel-powered Transport Refrigeration Units demonstrates a significant step forward in the logistics industry. Moreover, adopting CleanTech to support its growth not only makes environmental sense but also aligns with the financial interests of an industry contributing £185B to the UK economy annually and generating £1.3T in sales. Furthermore, with Barclays’ ongoing commitment to Sunswap, we are honored to support the scaling of technologies essential for decarbonization.”
BGF investor Rowan Bird stated:
“Sunswap’s TRU technology stands out as a leading solution for fleet operators seeking to reduce their operational costs and carbon footprint as the logistics industry moves towards more sustainable practices. Moreover, BGF is thrilled to help Sunswap maintain its position as a leader in climate technology by supporting its technological advancements. Additionally, by growing its manufacturing capacity and bolstering its product line, Sunswap continues to innovate. Indeed, this is a novel enterprise with substantial immediate market potential, and we are eager to accompany the company on its exciting expansion path.”
