SA-Born maxwell+spark Raises USD 15 M Series B To Electrify Industrial Logistics

South African-founded green-tech company maxwell+spark has secured USD 15 M in Series B funding to scale its unified battery ecosystem aimed at replacing diesel engines and lead-acid systems across industrial logistics, from forklifts to transport refrigeration and backup power.

Founded in Durban in 2017, the company built the world’s first battery-powered transport refrigeration system, with its early fridge.li prototype entering commercial service with SPAR in 2018. Its motive.li lithium-ion systems have also helped warehouses migrate to cleaner, maintenance-free electric fleets, improving uptime and cutting energy use.

The round was led by Klima, Alantra’s energy transition fund, with Chevron Technology Ventures and Idemitsu joining as new strategic investors.

maxwell+spark, which now operates in the US and EU, will use the capital to accelerate global expansion. CEO Clinton Bemont said the raise validates the company’s mission to decarbonise one of the world’s toughest, most cost-driven sectors.