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.
Spark EV Technology believes that accurate journey predictions can remove anxieties around EV range and charging time which enhanced vehicle trust and faster EV adoption. By supplying these systems our customers, end users and our environment all benefit. Our team is made up experts in automotive systems, artificial intelligence, engineering, and clean technology, with a wealth of experience in developing and commercialising technology across industries.
LCIF2 is managed by Turquoise and is a venture capital fund investing in eligible small to medium sized businesses based in England, particularly the areas covered by its local government backers, developing products and services which will have a beneficial environmental impact.
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.
LCIF2 has received £10.9m (for co-investment alongside private monies) from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government is the Managing Authority for this funding. Established by the European Union, the ERDF helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk /european-growth-funding.