Lithium-ion specialist maxwell+spark has raised 15 million dollars in Series B financing to scale a configurable battery ecosystem for industrial logistics. The round adds Chevron Technology Ventures and Idemitsu alongside lead investor Klima, Alantra’s Energy Transition Fund. The company says the capital will accelerate deployments that replace diesel engines and legacy lead-acid systems across forklifts, refrigerated transport, and backup power.
Funding Round Details
The Series B follows earlier support from Fairtree and formalizes a second closing after Klima’s initial backing in September. Chevron Technology Ventures and Idemitsu joined as strategic investors, signaling interest in electrification solutions that lower operating costs and emissions in hard-to-abate settings. Maxell+spark is headquartered in Rotterdam and positions the raise as a catalyst for expansion with OEMs, dealers, and large fleet operators.
Strategic Investors and Rationale
Klima framed the participation of Chevron Technology Ventures in the United States and Idemitsu in Japan as validation of maxwell+spark’s technology and global potential. The fund emphasized that broadening the cap table strengthens the company’s footprint and speeds commercialization in energy-intensive industries. Chevron Technology Ventures described the investment as part of its Future Energy Fund, which targets industrial decarbonization, emerging mobility, decentralization, and the circular economy.
Technology and Product
Maxwell+spark builds modular lithium-ion battery systems that are designed to be circular, data-rich, and interconnected. The company reports eight years of field performance spanning thousands of deployed units, which it uses to optimize reliability and lifecycle economics. By linking previously isolated machines into a networked power layer, the platform aims to lower total cost while shrinking emissions for operators that run around the clock.
Market Opportunity and Use Cases
Industrial logistics is a cost-driven sector that has historically relied on diesel engines and lead-acid batteries, particularly in forklifts and cold-chain applications. Maxwell+spark targets this market with configurable packs, telemetry, and controls that fit varied duty cycles without sacrificing performance or safety. The company also points to backup power for sites and telecommunications as adjacent use cases where electrification can cut noise, fuel use, and maintenance.
Leadership Perspectives
Chief Executive Officer Clinton Bemont called the round a defining step that aligns global energy incumbents with the company’s mission and execution. He argued that customers need reliable and intelligent energy systems that meet tight operational constraints while cutting emissions. With new investors on board, he said the company will scale production and analytics to support fleets seeking predictable costs and cleaner operations.
Company Background and Footprint
Maxwell+spark began in South Africa in 2017 and now operates as a Dutch group with assembly in the European Union, South Africa, and the United States. The organization works with OEMs, distributors, and end-users to tailor packs and charging systems to specific environments. Its product scope spans forklifts, refrigerated trucks, construction sites, and telecom infrastructure, with a focus on safety, serviceability, and uptime.
Investor Track Record and Momentum
Fairtree Elevant Ventures, a prior backer, credits the company with building global momentum in industrial energy solutions. Fairtree’s managing director highlighted the team’s execution and the expansion achieved since the early stages of investment. The latest round is presented as a continuation of that trajectory, combining growth capital with strategic channels in multiple regions.
Outlook and Strategic Priorities
Management plans to use the proceeds to widen manufacturing capacity, deepen software capabilities, and pursue partnerships that shorten fleet rollouts. The company also intends to expand its data platform to inform predictive maintenance and operational planning across mixed equipment. With Chevron Technology Ventures and Idemitsu participating, the path includes evaluations in new markets where heavy-duty electrification is gaining policy and customer support.
With 15 million dollars in fresh capital and strategic investors from the United States and Japan, maxwell+spark is positioning its lithium-ion ecosystem for broader industrial adoption. The company’s pitch centers on modularity, data, and network effects that convert discrete assets into an integrated low-carbon system. If execution matches ambition, operators in forklifts, cold-chain logistics, and backup power could gain a cleaner and more economical alternative to diesel and lead-acid.