A Suffolk business which is pioneering an Artificial Intelligence-based journey prediction system for electric vehicles has attracted further funding through the Low Carbon Innovation Fund 2.
Spark EV Technology has received a follow-on investment from Turquoise, the UK merchant bank specialising in energy, environment and efficiency, as part of the company’s £250,000 capital raising round, involving both existing and new shareholders.
A category leader in energy optimisation and range prediction technology for electric vehicles (EVs) of all sizes, Spark EV is looking to accelerate the mass adoption of EVs by working with original equipment manufacturers (OEMs) and Tier 1 suppliers to implement its technology globally.
The firm, which is based near Newmarket, was previously awarded £50,000 via New Anglia Capital, a co-investment fund aiming to stimulate entrepreneurship across Norfolk and Suffolk, with £2 million of funding from New Anglia LEP. The fund brings businesses and angel investors together to kick-start new products and innovative ideas into thriving new businesses, as well as support existing high-growth companies.
Justin Ott, CEO of Spark EV Technology, said: “We are delighted to have completed our fundraising round and to have secured further investment from LCIF2. The additional funding will provide extra support as we continue to develop and implement our technology for the global EV market.”
Ian Thomas, managing director at Turquoise, commented: “LCIF2 is pleased to make a further investment in Spark EV Technology to support the company’s commercial roll-out. The electric vehicle market, from micro-mobility to trucks, is exhibiting rapid growth globally, and Spark’s class-leading technology has an important role to play in eliminating range anxiety as a barrier to adoption.”
LCIF2 is funded by the European Regional Development Fund (ERDF), following a successful bid by Norfolk County Council and the University of East Anglia. ERDF is an investment programme part financed by the European Union. LCIF2 is part of the UK government’s portfolio of business support products.