A CleanTech firm aiming to help decarbonise the logistics sector has raised £17.3 million investment.
Sunswap, based in Leatherhead, Surrey, will look to expand its zero-emission Transport Refrigeration Units (TRUs) across the UK and Europe. These ‘Endurance’ units, for articulated lorries, are powered by solar and battery energy, with solar panels on the trailer roof.
It also features a cloud-based telematics system for real-time monitoring and control.
The investment was led by BGF and included Shell Ventures, Dutch VC fund Move Energy and existing backers Barclays and the Clean Growth Fund.
“We are thrilled to have BGF and Shell Ventures’ support in our mission to decarbonise cold chain logistics,” said Michael Lowe, co-founder and CEO. “Their investment, along with 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.”
The firm, founded in 2020, reported success during a recent 10-day trial with Moran Logistics, a multi-temperature logistics specialist.
Rowan Bird, investor at BGF, added: “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 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.”