Maxwell+spark, a South African-founded innovator in lithium-ion battery technology, has successfully closed a $15 million Series B funding round. The round was led by Klima, the energy transition fund managed by Alantra, with strategic participation from Chevron Technology Ventures and Idemitsu, a major Japanese energy company. Both Chevron and Idemitsu join as new investors, signaling strong international confidence in Maxwell+spark’s vision and capabilities.
This infusion of capital marks a pivotal moment for Maxwell+spark as it accelerates its mission to transform industrial logistics through electrification. The company is building a unified battery ecosystem designed to replace traditional diesel engines and lead-acid battery systems across key industrial applications, including forklifts, refrigerated transport, and backup power systems. The goal is to deliver cleaner, smarter, and more cost-effective energy solutions for some of the most challenging and carbon-intensive sectors.
Clinton Bemont, CEO of Maxwell+spark, emphasized the significance of the milestone:
Closing this Series B round marks a defining step for us. The backing of global energy leaders – Chevron Technology Ventures, Idemitsu, and Klima – validates both our mission and our execution. Industrial logistics is among the toughest, most cost-driven sectors to decarbonize. This investment accelerates our reliable, intelligent, and cost-effective energy systems our customers rely on every day.
Bastien Gambini, Managing Director at Klima, highlighted the strategic importance of the new partnerships:
We’re delighted to welcome Chevron Technology Ventures and Idemitsu as strategic investors in Maxwell+spark. Their participation underscores the company’s technological strength and global potential. Following Klima’s initial backing in September, this second closing broadens Maxwell+spark’s international reach and accelerates its mission to decarbonize energy-intensive industries through advanced electrification.
Jim Gable, President of Chevron Technology Ventures, added:
Maxwell+spark’s modular lithium-ion battery systems provide a safer and lower-cost path to electrify industrial transport. This is the latest investment from our Future Energy Fund, which focuses on industrial decarbonization, emerging mobility, energy decentralization, and the circular economy.
With this strategic backing, Maxwell+spark is poised to scale its operations and deepen its impact in the global energy transition, offering a compelling alternative to legacy systems in industrial logistics.
