South Africa: Maxwell+spark wins $15m backing for lithium-ion battery expansion
New investors Chevron and Idemitsu join Klima to advance industrial electrification.
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Maxwell+spark, a South African-founded lithium-ion technology company, has raised $15 million in a Series B funding round led by Klima, Alantra’s energy transition fund. Chevron Technology Ventures and Japan’s Idemitsu joined as new investors.
This strategic investment will accelerate Maxwell+spark’s mission to electrify industrial logistics through a unified battery ecosystem that replaces diesel engines and lead-acid systems across forklifts, refrigerated transport, and backup power.
Clinton Bemont, CEO of Maxwell+spark, said: “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 decarbonise. This investment accelerates our reliable, intelligent and cost-effective energy systems our customers rely on every day.”
Bastien Gambini, managing director of Klima, added: “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 decarbonise energy-intensive industries through advanced electrification.”
Jim Gable, president of technology ventures at Chevron, commented: “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 decarbonisation, emerging mobility, energy decentralisation, and the circular economy.”
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