UK-based cleantech startup Sunswap has raised more than €20 million in a funding round led by BGF. Sunswap aims to revolutionize cold chain logistics by rolling out zero-emission Transport Refrigeration Units (TRUs) across the UK and Europe. The company will utilize the funds to scale up production, expand its service network, and advance its solar and battery-powered TRU technology.
Sunswap’s recent funding contrasts with earlier investments in cleantech, which saw a more cautious approach from investors. Previous funding rounds focused on early-stage startups have not reached the €20 million mark, indicating growing confidence in Sunswap’s technology. Earlier reports also highlighted the logistical challenges of decarbonizing this sector, which Sunswap aims to address with its tech innovation.
Unlike earlier initiatives that concentrated on smaller-scale solutions, Sunswap is targeting a broader market with its scalable technology. This investment signifies a significant shift in the industry’s approach to sustainability, suggesting a more aggressive push towards decarbonization.
Capital Utilization
The new funds will expedite the deployment of Sunswap’s zero-emission TRUs, greatly contributing to the logistics sector’s decarbonization efforts. They will enable the company to ramp up production, meet rising customer demand, and expand its service network.
Michael Lowe, Sunswap’s CEO, expressed excitement about the investment, which comes from a consortium including Shell Ventures and Dutch VC fund Move Energy. The financial support validates Sunswap’s mission to make cold chain logistics greener.
“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.”
A Zero-Emission Transport Refrigeration Unit
Founded in 2020, Sunswap focuses on sustainable transport refrigeration. Its flagship product, “Endurance,” employs solar and battery-powered technology for trailer units, offering real-time monitoring and operational savings.
Sunswap recently completed a successful 10-day trial of its technology with Moran Logistics, demonstrating its effectiveness. Investor Rowan Bird highlighted the potential of Sunswap’s TRU technology in reducing both carbon footprint and operational costs for fleet operators.
“BGF is excited to support Sunswap 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,” said Bird.
Sunswap’s growing customer base includes prominent names like TIP Group and DFDS, attesting to the technology’s market acceptance and scalability.
The substantial funding secured by Sunswap will play a crucial role in the company’s growth and technological advancement. By focusing on zero-emission refrigeration units, Sunswap is addressing a critical need in the logistics sector for sustainable solutions. As the logistics industry moves towards more eco-friendly practices, Sunswap’s innovative technology is well-positioned to lead this transformation, helping businesses achieve their sustainability goals efficiently.
