UK-based Sunswap, a cleantech startup focused on transforming cold chain logistics, has secured over €20M in a funding round led by BGF, reports EU-Startups.
The investment came from a consortium of investors, including BGF, Shell Ventures, Dutch VC fund Move Energy, and existing backers Barclays and the Clean Growth Fund.
Capital utilisation
The proceeds will help accelerate the rollout of Sunswap’s zero-emission Transport Refrigeration Units (TRUs) across the UK and Europe, representing an advancement in the decarbonisation of the logistics sector.
The funds will also support scaling up the production of TRUs to meet increasing customer demand, expand Sunswap’s service network, and further advance technological development.
Michael Lowe, co-founder and CEO of Sunswap, says, “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,” adds Lowe.
A zero-emission transport refrigeration unit
Founded in 2020 by Michael Lowe, Nikolai Tauber and Andrew Sucis, Sunswap is advancing sustainable transport refrigeration with its product, “Endurance” a solar and battery-powered technology for trailer units on articulated lorries.
The Endurance units feature solar panels on the trailer roof and a cloud-based telematics system for real-time monitoring and control, ensuring high performance and significant operational savings for fleet operators.
Recently, Sunswap “successfully’ completed a 10-day trial of its battery and solar-powered technology. The trial, conducted with Moran Logistics, a multi-temperature logistics specialist, demonstrated the effectiveness of Sunswap’s innovative solution.
Rowan Bird, Investor at BGF, says, “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,” adds Bird.
Sunswap’s customer base includes equipment services provider TIP Group and shipping and logistics giant DFDS.
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