South African-founded green-tech company maxwell+spark has closed a $15M (R250M) Series B funding round. The investment was led by Klima, Alantra’s Energy Transition Fund, and brought in new strategic investors Chevron Technology Ventures (CTV) and Japanese energy company Idemitsu.
The funding is earmarked to accelerate the company’s push to electrify industrial logistics. Maxwell+spark develops and manufactures modular lithium-ion battery systems designed to replace diesel engines and traditional lead-acid batteries in three core areas: forklifts, refrigerated transport, and backup power.
Clinton Bemont, CEO of maxwell+spark, said the investment from established energy players validates the company’s approach. “Industrial logistics is among the toughest, most cost-driven sectors to decarbonise,” he said.
Decarbonising the Warehouse and the Cold Chain
The company is tackling two distinct, energy-intensive problems in logistics:
- Materials Handling: Most warehouses and distribution centres run on forklifts powered by heavy, inefficient lead-acid batteries. These require lengthy charging times, regular maintenance (like water top-ups), and dedicated, ventilated charging rooms. Maxwell+spark’s motive.li product line offers a lithium-ion replacement that can be charged quickly (opportunity charging) and is maintenance-free, aiming to increase fleet uptime and reduce energy consumption.
- Refrigerated Transport: Long-haul “reefer” trucks traditionally rely on a separate, secondary diesel engine (often called a “donkey engine”) to power the refrigeration unit, which runs even when the truck is stationary. These engines are noisy, emit significant CO2 and particulates, and have high fuel and maintenance costs. The company’s fridge.li system is a high-capacity battery pack that powers the refrigeration unit silently and with zero-point-of-use emissions.
Maxwell+spark says its systems are not conceptual; they are backed by eight years of real-world performance data from thousands of units already deployed, allowing operators to track cost, performance, and emissions reduction.
Strategic Backing from Energy Giants
The inclusion of Chevron and Idemitsu alongside a dedicated energy transition fund like Klima points to a growing corporate interest in electrifying hard-to-abate sectors.
“We’re delighted to welcome Chevron Technology Ventures (U.S.) and Idemitsu (Japan) as strategic investors,” said Bastien Gambini, Managing Director of Klima. He noted their participation “broadens maxwell+spark’s international reach.”
For the corporate venture arms, the investment aligns with internal decarbonisation and future-energy mandates.
“Maxwell+spark’s modular lithium-ion battery systems provide a safer and lower-cost path to electrify industrial transport,” commented Jim Gable, President of Technology Ventures at Chevron. “This is the latest investment from our Future Energy Fund, which focuses on industrial decarbonisation, emerging mobility, energy decentralisation, and the circular economy.”
Founded in Durban, South Africa, in 2017, maxwell+spark maintains its largest production hub and engineering facilities in the city, even as it has expanded operations to the United States and the European Union.
“This company was born in Durban, and it’s incredibly meaningful to see South African-developed technology making a global impact,” said Bemont. “We’re proud to keep part of our production and innovation anchored in South Africa.”
The company’s technology was proven locally first. A prototype of its fridge.li battery-powered refrigeration system was built and tested on South African roads, entering commercial service with the grocery retailer SPAR in 2018. According to the company, that original unit continues to operate at full capacity today, demonstrating the system’s durability.
David Evans, Managing Director of Fairtree Elevant Ventures, one of the company’s earliest backers, added: “At Fairtree Elevant Ventures, it has been a privilege to support the company’s growth from its early days.”