South Africa's Maxwell+Spark Gets $15M for Lithium-ion Battery Systems
TLDR
- South African-founded green-tech firm maxwell+spark has closed a $15 million Series B round to speed up the rollout of its lithium-ion battery systems across industrial logistics
- The company builds a unified battery ecosystem that replaces diesel engines and lead-acid systems in forklifts, transport refrigeration, and backup power
- The new funding round was led by Klima, the energy-transition fund of Alantra, with Chevron Technology Ventures and Idemitsu joining as strategic investors
South African-founded green-tech firm maxwell+spark has closed a $15 million Series B round to speed up the rollout of its lithium-ion battery systems across industrial logistics. The company builds a unified battery ecosystem that replaces diesel engines and lead-acid systems in forklifts, transport refrigeration, and backup power.
Founded in 2017 in Durban, the company developed the world’s first battery-powered transport refrigeration unit, tested on South African roads, and put into commercial service with SPAR in 2018. Its motive.li battery systems have also supported the shift from lead-acid to electric fleets in warehouses and distribution centres, improving uptime and lowering energy use.
The new funding round was led by Klima, the energy-transition fund of Alantra, with Chevron Technology Ventures and Idemitsu joining as strategic investors. Maxwell+spark plans to expand production and global deployment. Its Durban facility remains the company’s largest manufacturing hub, but it has already extended operations into the United States and the European Union.
CEO Clinton Bemont said the investment strengthens the company’s ability to deliver reliable and cost-focused electrification solutions for logistics companies. Klima’s managing director, Bastien Gambini, said the deal broadens the company’s international reach and supports its work in decarbonising energy-intensive sectors.
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Key Takeaways
The funding highlights growing investor interest in electrifying industrial logistics, a sector where diesel remains dominant and decarbonisation has lagged. Maxwell+spark’s technology targets core cost and reliability constraints faced by warehouses, fleet operators and cold-chain distributors. By replacing lead-acid batteries and diesel refrigeration with lithium-ion systems, the company aims to lower operating costs, reduce downtime and cut emissions in heavy-use environments. The presence of strategic investors — Chevron Technology Ventures and Idemitsu — signals rising demand from global energy players for scalable electrification solutions. Their backing also positions maxwell+spark to expand faster into the US and EU, where logistics electrification is accelerating through policy and corporate sustainability commitments. For Africa-founded climate-tech startups, the round reflects a broader trend: technologies tested in emerging-market conditions gaining validation from international capital. If maxwell+spark executes its expansion strategy, it could help shift a hard-to-abate sector toward cleaner and more efficient power systems worldwide.
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