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maxwell+spark raises $15 million Series B led by Klima and Alantra
South African battery maker maxwell+spark has raised a $15 million Series B led by Klima and Alantra, with Chevron Technology Ventures and Idemitsu joining.
By Propel Africa · 2025-10-27
maxwell+spark has raised $15 million, about R250 million, in a Series B led by Klima and Alantra's Energy Transition Fund. Launch Base Africa reported on 27 October. Chevron Technology Ventures (CTV) and Japanese energy company Idemitsu Kosan joined as new strategic investors, and Fairtree Elevant Ventures is named as an early backer.
What the company makes
maxwell+spark develops and manufactures modular lithium-ion battery systems that replace diesel engines and lead-acid batteries. It targets forklifts, refrigerated transport and backup power. Its products include motive.li for forklifts and fridge.li for refrigeration units on trucks. Clinton Bemont is chief executive.
Track record
The company was founded in Durban, South Africa, in 2017 and keeps its largest production hub and engineering facilities there. The company cites eight years of real-world performance data and thousands of deployed units. A fridge.li unit placed with grocer SPAR in 2018 is still running at full capacity, according to the company.
Where it is heading
The money is meant to accelerate the electrification of industrial logistics. Its markets are South Africa, the United States and the European Union. "Industrial logistics is among the toughest, most cost-driven sectors to decarbonise," said Clinton Bemont, chief executive of maxwell+spark.
At a glance
- Company: maxwell+spark
- Raised: $15 million (about R250 million)
- Round or Type: Series B
- Lead/Investors: Klima, Alantra's Energy Transition Fund, Chevron Technology Ventures, Idemitsu
- Founded: 2017
- Production hub: Durban, South Africa
- Markets: South Africa, United States, European Union
- Key number: Thousands of units deployed