South African-founded clean technology company maxwell+spark has successfully closed a US$15 million Series B funding round, aiming to accelerate its ambitious mission of transforming industrial logistics. The company specializes in a unified lithium-ion battery ecosystem designed to replace traditional diesel engines and lead-acid systems across sectors such as forklifts, refrigerated transport, and backup power solutions.
Founded in 2017 in Durban, maxwell+spark made its mark by developing the world’s first battery-powered transport refrigeration system, engineered and rigorously tested on South African roads. Their pioneering solution, the fridge.li prototype, entered commercial service with retail giant SPAR in 2018 and continues to operate at full capacity today, demonstrating the durability and reliability of their technology in real-world logistics applications.
Simultaneously, the company’s motive.li lithium-ion systems revolutionized warehouse and materials handling operations. By enabling distribution centers and warehouses to transition from traditional lead-acid batteries to efficient, low-maintenance electric fleets, maxwell+spark has significantly improved operational uptime, lowered energy consumption, and created cleaner, safer, and more productive work environments. These systems have been in commercial operation in South Africa since 2018, and their impact on sustainability and efficiency continues to grow.
The recent US$15 million Series B funding round was led by Klima, Alantra’s energy transition fund, with strategic participation from Chevron Technology Ventures (CTV) and Idemitsu. The capital will support the company’s growth ambitions, including expansion of production and market reach. While Durban remains the company’s primary production hub, maxwell+spark has also extended its operations into the United States and European Union, positioning itself as a global player in industrial electrification.
Clinton Bemont, CEO of maxwell+spark, emphasized the significance of this milestone, stating, “Closing this Series B round is a defining moment for our company. The support from global energy leaders such as Chevron Technology Ventures, Idemitsu, and Klima not only validates our mission but also reinforces our execution capability. Industrial logistics is one of the most challenging, cost-sensitive sectors to decarbonize, and this investment enables us to accelerate delivery of our reliable, intelligent, and cost-effective energy systems that our customers depend on every day.”
Bastien Gambini, managing director of Klima, highlighted the strategic importance of the new investors, saying, “We are thrilled to welcome Chevron Technology Ventures and Idemitsu as strategic partners in maxwell+spark. Their involvement underscores the technological strength and global growth potential of the company. Following Klima’s initial support in September, this second closing expands maxwell+spark’s international presence and fast-tracks its mission to decarbonize energy-intensive industries through advanced electrification solutions.”
With this latest funding, maxwell+spark is set to accelerate the rollout of its lithium-ion solutions, further advancing sustainable electrification across industrial logistics, reducing carbon emissions, and demonstrating the potential of African clean-tech innovation on a global stage.
