South African-founded maxwell+spark closes $15mln series B round with Chevron Technology Ventures, Idemitsu, and Klima

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South African-founded lithium-ion green-tech company maxwell+spark has successfully closed a $15 million (R250 million) Series B funding round, led by Klima, Alantra’s Energy Transition Fund, with Chevron Technology Ventures (CTV) and Idemitsu joining 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. The company’s modular, circular, and data-driven lithium-ion systems are backed by eight years of real-world performance data from thousands of deployed units, helping operators optimise cost, performance, and emissions reduction.

Global investors back maxwell+spark’s clean-tech growth

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, Alantra’s Energy Transition Fund, added: “We’re delighted to welcome Chevron Technology Ventures (U.S.) and Idemitsu (Japan) 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. We welcome m+s to the portfolio.”

David Evans, Managing Director of Fairtree Elevant Ventures, one of maxwell+spark’s earliest backers, said: “maxwell+spark is driving a revolution in industrial energy solutions with an exceptional team and technology, and a business that has built tremendous momentum on a global scale. At Fairtree Elevant Ventures, it has been a privilege to support the company’s growth from its early days.”

South African innovation powering global change

Founded in 2017 in Durban, South Africa, maxwell+spark continues to operate manufacturing and engineering facilities locally, creating jobs and supporting skills development. “This company was born in Durban, and it’s incredibly meaningful to see South African-developed technology making a global impact,” said Bemont. “We’re solving real problems — from reducing cold chain emissions to helping logistics operators cut fuel costs — and this investment helps us scale that impact even further. We’re proud to keep part of our production and innovation anchored in South Africa, where it all began.”

The Durban facility remains the company’s largest production hub and actively supports youth employment through participation in the Yes4Youth programme.

Proven innovation and industry leadership

Long before battery-electric refrigeration became a global trend, maxwell+spark pioneered the world’s first battery-powered transport refrigeration system — designed, built, and tested on South African roads. The first fridge.li prototype entered commercial service with SPAR in 2018, and continues to operate at full capacity today.
This breakthrough demonstrated that clean, quiet, and reliable cooling could withstand the rigours of African logistics while cutting operating costs and emissions — proving that sustainability can also drive profitability.

At the same time, the company’s motive.li lithium-ion systems transformed the materials handling sector by helping warehouses and distribution centres switch from lead-acid to efficient, maintenance-free electric fleets. Running commercially in South Africa since 2018, these systems have improved uptime, reduced energy consumption, and made warehouse operations cleaner, safer, and more productive.

With operations now spanning South Africa, the United States, and the European Union, maxwell+spark is demonstrating that clean, intelligent battery solutions can deliver performance, cost savings, and resilience at scale.