Clean-tech startup Sunswap secures £17.3m to drive decarbonisation in cold chain logistics
A Leatherhead-based clean-tech startup decarbonising cold chain logistics, has secured £17.3m through a funding round led by investment company, BGF.
The investment will help Sunswap to accelerate the rollout of its zero-emission transport refrigeration technology across the UK and Europe.
Sunswap’s combined solar and battery technology is fitted to the trailer units of articulated lorries carrying chilled consumer goods throughout the European road transport network, offering a low carbon alternative to diesel powered refrigeration.
The £17.3m invested by BGF, Shell Ventures, Dutch venture capital fund, Move Energy, and existing backers Barclays and Clean Growth Fund, will accelerate the further development and production of Sunswap’s zero-emission Transport Refrigeration Units.
Michael Lowe, co-founder and chief executive 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.”
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 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.”
Read more about Sunswap here https://sunswap.co.uk/