Other27 August 2024

Sunswap secures £17.3m to accelerate zero-emission transport refrigeration rollout

The round was led by BGF, Shell Ventures, and Move Energy alongside existing investors Barclays and Clean Growth Fund.

£17.3MOther

Share allotment filed at Companies House

Sunswap builds zero-emission transport refrigeration units powered by solar and battery technology to decarbonise cold chain logistics.

Sunswap has secured £17.3m in funding to accelerate the rollout and development of its electric transport refrigeration units. The round was led jointly by BGF, Shell Ventures, and Move Energy, alongside continued participation from existing backers Barclays and Clean Growth Fund. The capital will be deployed to scale production, grow the service network, and advance technology to target markets across the UK and Europe. The company has previously conducted successful commercial trials with major industry players including Tesco and Muller.

From the founder

"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."

Michael Lowe

CEO at Sunswap

Investor perspective

"We are delighted to provide further investment to Sunswap as part of this round. The Company has made outstanding technical and commercial progress since we first invested back in March 2022 and is the leading innovator in transport refrigeration. With this further investment Sunswap is poised to accelerate the decarbonisation of cold chain logistics and rapidly transition the industry away from highly polluting legacy technology."

Stephen Price

Investment Director, Clean Growth Fund