maxwell+spark Secures $15M in Series B to Scale Battery Ecosystem for Industrial Logistics

maxwell+spark, a South African-founded green-tech company, has raised $15 million in Series B funding to expand its battery ecosystem aimed at replacing diesel engines and lead-acid systems in industrial logistics. The company’s solutions are designed for applications ranging from forklifts to transport refrigeration and backup power. The funding round was led by Klima and Alantra’s energy transition fund, with participation from Chevron Technology Ventures and Idemitsu as new strategic investors. 

Company Overview

• Founded: 2017, Durban, South Africa 
• CEO: Clinton Bemont 
• Mission: To decarbonize industrial logistics by providing clean, efficient, and maintenance-free electric systems. 
• Key Innovation: The world’s first battery-powered transport refrigeration system, launched with SPAR in 2018. 

Funding & Investors

• Series B Funding: $15 million 
• Lead Investor: Klima 
• Other Investors: Alantra’s energy transition fund, Chevron Technology Ventures, Idemitsu 
• Use of Funds: To accelerate global expansion and scale the unified battery ecosystem for industrial logistics. 

Technology & Product Impact

• Fridge.li: The world’s first battery-powered transport refrigeration system that entered commercial service with SPAR in 2018. 
• Motive.li: A lithium-ion system that powers electric fleets, improving uptime and reducing energy use in warehouses. 
• Environmental Impact: Replacing diesel engines and lead-acid systems with cleaner, more sustainable solutions in one of the world’s toughest sectors. 

CEO’s Statement

• Clinton Bemont, CEO of maxwell+spark, expressed: “This raise validates our mission to decarbonize one of the world’s toughest, most cost-driven sectors.” 
• Global Expansion: The company now operates in the US and EU and will use the new funding to expand its footprint further, addressing the energy transition in global industrial logistics.) 

Summary Table