South African-founded lithium-ion green-tech company maxwell+spark has secured US $15 million in a Series B funding round, closing the financing to support the startup’s global expansion and industrial electrification efforts, according to multiple industry reports.
The round was led by Klima, the energy-transition fund managed by Alantra, with Chevron Technology Ventures and Idemitsu Kosan joining as strategic investors, marking significant backing from global energy and industrial players.
Maxwell+spark, founded in 2017 in Durban, develops modular lithium-ion battery systems designed to replace diesel engines and traditional lead-acid batteries in heavy-use industrial applications, including forklifts, refrigerated transport (“reefers”) and backup power systems. The company’s solutions are aimed at lowering operating costs, reducing emissions and improving reliability in sectors that have historically relied on fossil fuels and legacy battery technology.
In a statement, CEO Clinton Bemont said the Series B financing represents a milestone for the company’s mission to decarbonise industrial logistics and accelerate adoption of electrification technologies in hard-to-abate sectors. The company has already expanded operations beyond South Africa into the United States and European Union.
Investor participation from Chevron Technology Ventures and Idemitsu reflects broader corporate interest in scalable electrification solutions, particularly as global energy and logistics firms pursue decarbonisation strategies. Analysts say the funding underscores growing investor confidence in startups delivering clean-energy technologies that can operate at an industrial scale.
The proceeds from the Series B round will be used to scale manufacturing, broaden supply-chain capabilities and accelerate deployment of maxwell+spark’s battery platforms in key international markets, executives and reporting noted.
Industry observers see the round as part of a broader trend of investment flowing into green technologies and energy-transition startups out of Africa, as innovators work to commercialise solutions with global demand.
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