Sunswap funding news – London-based Sunswap Raises Over €20 Million in Funding

It's pioneering solar-battery technology is mounted on articulated vehicles' trailer modules to transport chilled consumer items across Europe. This novel system provides a low-carbon alternative to diesel-powered refrigeration units, meeting the critical requirement for logistical sustainability.

In addition to Barclays and the Clean Growth Fund, BGF, Shell Ventures, Dutch venture capital fund Move Energy, and others provided the funding. This investment will help Sunswap develop and manufacture zero-emission Transport Refrigeration Units.

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Solar panels on the trailer roof and a cloud-based telemetry system allow operators to monitor and manage Endurance units in real time. High performance and large operating savings make this technology appealing to fleet managers.

It will use the extra capital to increase production to meet client demand, extend its nationwide service network, and upgrade technology. It can capitalise on UK and European market prospects for cleaner, more sustainable transport solutions with this financing.

Michael Lowe, co-founder and CEO of Sunswap, expressed his enthusiasm for the future: “We are thrilled to have BGF and Shell Ventures’ support in our mission to decarbonise cold chain logistics. 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.”

Rowan Bird, Investor at BGF, emphasized the importance of Sunswap’s technology in the evolving logistics industry: “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.”

James Ferrier, Director of Principal Investments at Barclays Sustainable Impact Capital, added: “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 to adopt clean tech to support its growth. Marking Barclays’ continued support for Sunswap, we are proud to help scale technology essential to decarbonisation.”

It hopes to lead the logistics industry's transformation by offering a cleaner, greener cold chain logistics solution that meets global sustainability targets with this large investment.

About Sunswap

Sunswap's battery and solar-powered Endurance transport refrigeration unit pioneers sustainable transport refrigeration. They are leading the cold chain's shift to zero tailpipe emissions without compromising performance by designing, developing, and manufacturing a refrigeration system that breaks free from obsolete technologies.