Sunswap, a UK cleantech startup decarbonising cold chain logistics, has secured £17.3 million in funding. The round was led by investment firm BGF (which invested in Gaussion and PureCyber), Shell Ventures, Dutch venture capital fund Move Energy, and existing backers Barclays and Clean Growth Fund.
How will it use the investment?
The investment will accelerate the further development, production, and rollout of its zero-emission Transport Refrigeration Units (TRUs).
Funding will also be used to increase a nationwide service network, and further advance the technological development as the business looks to capitalise on significant market opportunities in the UK and Europe for cleaner, more sustainable transport solutions.
What does Sunswap do?
Founded in 2020 by Michael Lowe, Nikolai Tauber and Andrew Sucis, in the UK, Sunswap advances sustainable transport refrigeration with its product, Endurance. It is a solar and battery-powered technology for trailer units on articulated lorries.
It is a fully electric solution that eliminates tailpipe carbon emissions while providing a viable cost-effective alternative to traditional diesel units. By combining advanced battery technology, solar power, and rapid charging, Endurance enables fleet operators to seamlessly transition to zero-emission refrigeration without compromise.
With solar panels on the trailer roof and a cloud-based telematics system, it enables operators to monitor and control units, delivering high performance and significant operational savings.
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 be instrumental in accelerating our growth and expanding 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.”
Commercial trials
Sunswap’s technology has undergone rigorous commercial trials with industry leaders such as Tesco and Muller, demonstrating superior performance and lower total cost of ownership compared to traditional diesel units.
Customer base
The business has a growing customer book including equipment services provider TIP Group, shipping and logistics giant DFDS, as well as leading UK operators.
Investors’ views
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.”
Our thoughts on Sunswap
The company is positioned to impact the cold chain logistics industry by offering a zero-emission alternative to traditional diesel-powered refrigeration units. The latest investment will enable the company to scale production and expand its market presence in the UK and Europe, aligning with growing demand for sustainable transport solutions. With successful trials and a strong customer base, Sunswap is set to lead the transition to cleaner, more cost-effective logistics technology.
