- UK-based Sunswap has secured £17.3m worth of investment, allowing it to expand the rollout of its solar and battery-powered transport refrigeration units.
- The zero-emission trailers on offer are an alternative to diesel-powered refrigeration units, and with a mass rollout, could drastically reduce carbon emissions in the transportation sector.
- The fresh investment was lead by Shell Ventures and Move Energy, alongside existing partners Barclays and the Clean Growth Fund.
Fresh investment to expand Sunswap’s European operations
Sunswap already has electric refrigerated tractor units operating across the UK and mainland Europe in the form of its ‘Endurance‘ unit, which it says offers an alternative to diesel units whilst still being financially viable for haulage firms. Trials with large firms with the need for refrigeration, such as Tesco and Muller, showed Sunswap’s units to have a lower total cost of ownership over diesel alternatives. These trailers can be attached to diesel-powered trucks, of course, which does still reduce transportation emissions, but the ideal end goal is to hitch these to fully electric trucks, making it an end-to-end zero emission solution – which might not be too far away, considering that Volvo will launch a 600 km range electric truck next year.
This new funding will be used to increase Sunswap’s production capacity, allowing it to offer its units to a wider number of customers, and to build up its nationwide servicing network. Additionally, it will use the capital to continue technological development in the sector.
Michael Lowe, Co-Founder and CEO of Sunswap, commented:
“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. Together, we will work towards a cleaner, greener future for cold chain logistics, helping businesses meet their sustainability targets.”
James Ferrier, Director of Principal Investments, 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 that we adopt clean tech to support its growth. Marking Barclays’ continued support for Sunswap, we are proud to help scale technology essential to decarbonisation.”
