A South African-founded clean-technology company, maxwell+spark, has successfully closed a $15 million (R255-million) Series B funding round, attracting major international investors to support its ambition of replacing diesel and lead-acid systems with advanced lithium-ion batteries across heavy-duty industrial applications, according to an announcement reported by Disrupt Africa on 14 November 2025. The capital will fuel expansion of the company’s unified battery ecosystem, which already powers forklift fleets, refrigerated transport units, and backup power solutions in some of the most demanding operational environments.
Established in Durban in 2017, maxwell+spark made history by developing and deploying the world’s first fully battery-powered transport refrigeration unit. The prototype, known as fridge.li, entered commercial service with retailer SPAR in 2018 and remains in continuous operation, demonstrating the durability of the technology under real-world South African conditions. Parallel to this, the company’s motive.li systems have enabled warehouses and distribution centres to transition from traditional lead-acid batteries to high-performance lithium-ion alternatives, delivering substantial gains in uptime, energy efficiency, and workplace safety.
The latest funding round was led by Klima, the energy-transition investment fund of Alantra, with significant participation from Chevron Technology Ventures and Japanese energy giant Idemitsu as new strategic investors. The investment follows an initial closing supported by Klima in September and underscores growing global confidence in maxwell+spark’s ability to deliver cost-competitive decarbonisation solutions for logistics and materials handling, sectors notoriously difficult to electrify.
Clinton Bemont, chief executive of maxwell+spark, described the capital raise as a pivotal moment, highlighting that backing from established energy players validates both the company’s technology and its execution in one of the most challenging segments of the green transition. While the Durban manufacturing facility remains the primary production hub, the company has already established operational footprints in the United States and the European Union to serve expanding customer bases on both continents.
Bastien Gambini, managing director at Klima, emphasised the strategic importance of bringing Chevron Technology Ventures and Idemitsu into the shareholder base. Their involvement not only strengthens the company financially but also provides deep industry expertise and networks that will accelerate international scaling, as noted in coverage by TechFinancials.
The fresh funding arrives at a time when corporate demand for reliable electrification of off-road and materials-handling equipment is surging, driven by tightening emissions regulations and rising diesel costs. Maxwell+spark’s modular battery platforms are designed for rapid swapping, remote monitoring, and seamless integration, offering operators total cost of ownership advantages over legacy systems while eliminating emissions at the point of use.
Industry analysts point out that the participation of oil majors such as Chevron and Idemitsu in clean-tech ventures reflects a broader strategic pivot within the energy sector towards electrification and lower-carbon solutions. For South Africa, the round represents another success story in the country’s burgeoning green-technology ecosystem, with maxwell+spark joining a select group of local start-ups that have attracted substantial foreign capital, according to data tracked by Ventureburn.
With production capacity expanding and a growing pipeline of commercial deployments across three continents, maxwell+spark is positioning itself as a key enabler of industrial decarbonisation. The company has indicated that further announcements regarding new partnerships and product launches are expected in the coming months as it deploys the new capital.