Sunswap, a leading UK cleantech company focused on decarbonising logistics cold chains, has secured £17.3m in a funding round led by investment firm BGF.
This investment will accelerate the roll-out of Sunswap’s innovative zero-emissions refrigeration technology across the UK and Europe, marking a significant step forward in efforts to reduce carbon emissions in the logistics industry.
Sunswap’s advanced Endurance TRU is an all-electric solution designed to replace traditional diesel-powered units, providing a cleaner, more sustainable alternative for transporting refrigerated goods. The Endurance TRU combines advanced battery technology, solar power and rapid charging capabilities, allowing fleet operators to transition to zero-emissions refrigeration without sacrificing performance or cost-effectiveness.
The £17.3 million investment includes contributions from Shell Ventures, Dutch venture capital firm Move Energy, and existing backers Barclays and Clean Growth Fund. The funding will support further development and production of Sunswap’s TRUs, which have already demonstrated superior performance and lower total cost of ownership during commercial trials with major industry players such as Tesco and Müller.
Sunswap’s technology integrates solar panels on the roofs of trailers and a cloud-based telematics system, allowing operators to monitor and control refrigeration units remotely. This not only enhances performance, but also provides significant operational savings for logistics companies.
The company’s growing customer base includes high-profile names such as equipment service provider TIP Group, freight and logistics giant DFDS, and leading UK fleet operators. With this new investment, Sunswap plans to expand production to meet growing customer demand, expand its nationwide service network, and continue to develop its technological innovations.
Michael Low, co-founder and CEO of Sunswap, expressed his excitement about partnering with BGF and other investors: “We are delighted to have the support of BGF and Shell Ventures in our mission to decarbonize cold chain logistics. This funding will be instrumental in accelerating our growth and expanding our presence in the UK and European markets. Together, we will work towards a cleaner, greener future for cold chain logistics, helping businesses achieve their sustainability goals.”
Rowan Bird, an investor at BGF, highlighted the importance of Sunswap’s technology: “As the logistics industry moves towards more sustainable practices, Sunswap’s TRU technology stands out as a leading solution for fleet operators looking to reduce their carbon footprint and operating costs. We are excited to support Sunswap as they continue to develop their technology and expand their manufacturing capabilities.”
“With this additional investment, Sunswap is well positioned to accelerate the decarbonization of logistics cold chains and the rapid transformation of the industry away from highly polluting legacy technology,” added Stephen Price, Investment Director of the Clean Growth Fund.
James Ferrier, Principal Investment Manager at Barclays Sustainable Impact Capital, also highlighted the significance of SunSwap’s developments: “SunSwap’s latest acceleration towards an all-electric, zero-emission alternative to diesel-powered rapid transit units represents a major step forward for the logistics industry. We are proud to help scale this essential clean technology solution.”
As Sunswap continues to drive innovation in cold chain logistics, this latest investment round will play a critical role in supporting the company’s ambitious plans to transform the industry and contribute to a more sustainable future.