Barclays and Clean Growth Fund invest £3 million in Sunswap to cut diesel from the logistics sector
Barclays and Clean Growth Fund (CGF), the UK venture capital fund, have co-invested £3 million in Sunswap, a UK clean-technology company.
Sunswap’s zero-emission ‘Endurance’ TRU combines solar panels (covering the trailer roof), battery storage technology and low environmental impact refrigerants with cloud-based remote monitoring. Sunswap’s TRU offers 79-93% global warming impact savings (CO₂ reduction and the use of low-impact refrigerant), and total cost of ownership savings (dependent on use) of between 20-50% compared to diesel. It is already being trialled by logistics company, DFDS, to deliver frozen goods across the UK, and is soon to start trials with other major European logistics companies.
Sunswap’s Endurance clean refrigeration platform analyses each client’s refrigeration needs, delivery schedules and routes. This ensures that the Endurance TRU can deliver the most efficient and environmentally friendly refrigeration solution, helping cold chain operators accelerate achievement of their decarbonisation strategies and save money. As well as being a zero-emission replacement, the Sunswap unit is ultra-quiet, allowing operators to avoid both urban tariffs and night-time delivery restrictions.
It is the CGF’s first investment in the clean logistics sector and is the tenth overall investment made by Barclays through its Sustainable Impact Capital Programme, which has a mandate to invest up to £175 million of equity capital in sustainability-focused start-ups by 2025.
“We are delighted that CGF and Barclays Sustainable Impact Capital have chosen to invest in Sunswap and support us in our mission to decarbonise the cold chain,” said Michael Lowe, Co-founder & CEO of Sunswap. “The logistics industry in the UK and globally is in the process of transitioning to using fully zero-emission technology for their transport refrigeration requirements. At Sunswap, we already have a working, cost-effective solution that is currently being used on UK roads to accelerate this transition. This backing is hugely significant and will allow us to fulfil our goals in the years ahead.”