SparkCharge Secures $30M to Power Fleet Electrification Without Long-Term Commitments

SparkCharge, a startup focused on solving the chicken-and-egg problem of fleet electrification, has raised $30 million in new funding. The company aims to help fleets electrify their vehicles without the burden of long-term infrastructure commitments.

According to Joshua Aviv, founder and CEO of SparkCharge, many fleets find themselves with electric vehicles on hand but lacking the necessary charging infrastructure. “Hey, the cars are here. They’re sitting on the lot. We’ve got no way to service them, no way to charge them. Can you guys help us out?” Aviv told TechCrunch, illustrating a common scenario.

SparkCharge offers a “charging-as-a-service” model. Fleets enter into agreements to purchase electricity on a per-kilowatt-hour basis, with SparkCharge handling the charging logistics.

The company has expanded its reach across all 50 U.S. states, Canada, and Mexico. To further fuel this expansion, SparkCharge has secured $15.5 million in a Series A-1 round led by Monte’s Fam, with participation from Cleveland Avenue, Collab Capital, Elemental Impact, MarcyPen, and Non-sibi Ventures. This information was exclusively shared with TechCrunch.

In addition to the equity round, SparkCharge has also obtained a $15 million venture loan from Horizon Technology Finance Corporation.

Founded in 2018, SparkCharge initially focused on mobile EV charging, even partnering with AllState to assist stranded EV drivers. The company has since pivoted to address the broader needs of fleet electrification.

Aviv noted that while fast-charging infrastructure has improved since SparkCharge’s inception, it remains unevenly distributed. Many fleets, particularly those in underserved areas, require solutions to charge a high volume of EVs daily. These include operations at ports, railheads, and automotive manufacturing facilities, often running 24/7.

SparkCharge’s solution allows fleets to avoid the expenses and delays associated with building their own depot charging infrastructure. The company utilizes mobile chargers powered by batteries or generators that can run on propane, natural gas, or hydrogen. SparkCharge offers both equipment drop-off services and a “white glove” service where they handle all aspects of charging.

Aviv stated that costs typically range from 35 cents to 60 cents per kilowatt-hour, aligning with public fast charger prices. The pay-per-use model allows fleets to remain flexible and only pay for the electricity they consume.

Currently, 95% of SparkCharge’s customers utilize off-grid chargers, according to Aviv. The company also supports customers in transitioning to permanent charging infrastructure as their operations scale.