NAA Member News: Low Carbon Innovation Fund 2 makes follow on investment in Spark EV Technology
Turquoise, the UK merchant bank specialising in energy, environment and efficiency, has announced a follow-on investment by Low Carbon Innovation Fund 2 (LCIF2) in its existing portfolio company, Spark EV Technology.
The investment is part of the company’s £250,000 capital raising round involving both existing and new shareholders.
Spark EV Technology is a category leader in energy optimisation and range prediction technology for electric vehicles (EVs) of all sizes. A specialist in the field, Spark seeks to accelerate the mass adoption of EVs by working with OEMs and Tier 1 suppliers to implement its technology globally.
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.”
“We are delighted to have completed our fundraising round and to have secured further investment from LCIF2,” added Justin Ott, CEO of Spark EV Technology. “The additional funding will provide extra support as we continue to develop and implement our technology for the global EV market.”
LCIF2 is funded by European Regional Development Fund, with the UK Ministry of Housing, Communities and Local Government as the Managing Authority.