SparkCharge, makers of the only portable ultra-fast, modular electric vehicle (EV) chargers in the world, this week announced the closing of $3.3 million in seed round financing led by PJC with participation from Revolution’s Rise of the Rest Seed Fund, PEAK6 Strategic Capital, M&T Bank, and Tale Venture Partners, in addition to other investors. This brings SparkCharge’s total funding to $5 million since its launch in 2017. The investment will be used to help the company scale manufacturing, meet rapidly growing sales demand, and aggressively expand development.
SparkCharge’s goal is to make electric vehicle (EV) ownership as easy as possible by removing obstacles to EV adoption such as “range anxiety,” lack of infrastructure, and access to convenient charging. SparkCharge works with roadside assistance companies, insurance firms, delivery companies, hotels, auto manufacturers to make ultra-fast EV charging available at any location.
Joshua Aviv, a Syracuse University alumnus who is SparkCharge’s founder CEO explains, “We focus on listening to our customers and the EV market to create a product that will effectively remove the barriers to electric vehicle ownership. Our product opens the door for Utilities, Cities, Roadside Assistance and On-Demand Service companies to provide range to EVs faster and more effectively, regardless of location.”
“We are very excited to invest in such a remarkable company” stated Zaid Ashai, Venture Partner at PJC. “EV sales growth is far outpacing the infrastructure growth needed to support such a thriving market. This dynamic puts SparkCharge’s innovative portable ultra-fast chargers in a position to partner with new and existing businesses to cure range anxiety.”
David Hall, Managing Partner at Revolution’s Rise of the Rest Seed Fund said, “SparkCharge’s portable charger is removing one of the most inconvenient aspects to owning an electric vehicle—the inability to charge electric vehicles at a moment’s notice. We’re proud to back Joshua and the entire SparkCharge team as they work to facilitate ownership of electric vehicles and in tandem, make our world more sustainable.”
Rachel Saunders, a Principal at PEAK6 Strategic Capital shares, “We’re excited to participate in the seed round for SparkCharge. We recognize the unmet need for EVs and have been impressed by what the team has accomplished to address that opportunity. We are proud to support their vision for the future. This is another example of our focus on investing in companies that leverage innovation, technology, operational excellence, and purposeful design to transform the world into what it ought to be.”
When asked why to invest in SparkCharge, Ed Jean-Louis, Partner at Tale Venture Partners replied, “What really got us excited about SparkCharge was the team and how invested they were in addressing the lack of EV charging infrastructure with a novel and innovative approach. The SparkCharge team will not only help service the existing EV market but the company’s differentiated distribution method will also enable people to access fast-charging anytime, anywhere. We think this will help remove barriers for EV adoption and eliminate range anxiety for EV owners.”
SparkCharge’s pioneering new technology allows anyone to deliver range to an electric vehicle owner anytime, anywhere. It opens the door for electric vehicle owners to have their cars charged in a way that was not possible in the past by removing the limitations on when, where, and how an electric vehicle gets charged.
SparkCharge’s portable chargers are modular and scalable, easily stacking on top of each other, like Lego blocks, to increase the range delivered. They are compact and lightweight, and can fit easily in the trunk of any car and carried by hand with ease. They deliver ultrafast charging, capable of charging at a rate of 1 mile every 60 seconds.
“We are in the beginning stages of transforming the EV world, and the relationships we have built with the world’s leading EV manufacturers will help continue that change,” says Aviv. “These relationships ensure that all EV owners can benefit from our product by eliminating range anxiety and making EV ownership greener and more convenient.”
SparkCharge’s product is 100% electric and is charged using traditional 110- or 220-volt household outlets, thereby eliminating the air pollution that would result from gas-powered EV chargers.
“We have seen a glimpse of what is possible with the adoption of electric vehicles. With much of the world practicing social distancing and working from home there has been a dramatic drop in cars on the road. New York decreased air pollution by 50%, China has seen a 25% drop in emissions, and nitrogen dioxide emissions throughout Europe are fading away. We need to get people back to work and still retain these environmental improvements. EV ownership has the potential to change the world and for the first time we can actually see it.” says Aviv.
Spark Charge literally got its his start through the Blackstone LaunchPad powered by Techstars network where Aviv developed the company while still a Syracuse student. After he won the grand prize at the first LaunchPad Techstars Demo Day sponsored by the Blackstone Charitable Foundation, he graduated from the program to a Techstars accelerator, which was an incredible opportunity. In Boston, he made meaningful connections with investors such as PJC, who led both initial and recent seed rounds. From there he scaled operations out of Greentown Labs in Boston, the world’s largest cleantech incubator, and in residency at 43North in Buffalo, after winning a $1 million grand prize in that that competition.
Now, with R&D and operations in Boston and manufacturing in Buffalo, he continues to embody the Techstars #GiveFirst ethos. He remains an active mentor of the Syracuse LaunchPad campus program, and regularly visits the LaunchPad to meet and mentor students.
He recently won Syracuse University’s Generation Orange young alumni award for his continued engagement in the campus innovation ecosystem. He is a great model for other LaunchPad alumni.
About SparkCharge
SparkCharge is creating a more efficient and connected world of transportation with its portable, ultrafast and modular electric vehicle charger. Because the chargers are compact, they can be delivered to an electric vehicle owner on-demand. This creates a mobile charging infrastructure that allows EV owners to have their cars charged anytime and anywhere. To learn more, visit www.sparkcharge.io
