Turquoise, the London-based merchant bank specialising in energy, environment and efficiency, has announced its latest investment through Low Carbon Innovation Fund 2 (LCIF2).
The investment, part of an ongoing £530,000 funding round for Spark EV Technology, will support the company’s growth into the automotive market supporting business development efforts into China and expanding reach to European and North American customers. Harnessing live data and machine learning, Spark’s AI-based software produces highly-accurate, personalised range predictions for electric vehicles.
With individual predictions typically ten times more accurate than existing OEM solutions, Spark aims to accelerate global EV adoption by eliminating customer range anxiety. The company’s sophisticated technology has undergone more than 38,000km of real-world trials, across a range of brands, terrains and driving styles, and is being evaluated by a number of OEMs and Tier-1 suppliers worldwide.
Ian Thomas, managing director at Turquoise International, commented: “Spark’s technology addresses an important barrier to EV adoption, for passenger cars as well as buses and trucks. With EVs likely to make up 30% of global car sales by 2025, accurate range prediction is essential. This investment is consistent with LCIF2’s remit to support innovative, low-carbon technologies in the UK.”
Justin Ott, CEO and founder of Spark EV Technology, added: “We’re delighted to receive this funding through LCIF2. The equity investment will enable us to develop our product for retail and commercial EV customers and invest in business development resource to attract the fast growing China market and significantly expand our global footprint.
Managed by Turquoise, LCIF2 intends to extend and improve on the original Low Carbon Innovation Fund programme, which invested £20.5m in 46 companies as part of funding rounds worth over £76m. LCIF2 will invest an additional £11m, with the expectation to lead or otherwise help complete funding rounds worth over £40m.
LCIF2 is a venture capital fund making equity or convertible loan investments in eligible small to medium sized businesses (SMEs) across Norfolk, Suffolk, Cambridgeshire, Peterborough and Hertfordshire 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 (UEA). ERDF is an investment programme part financed by the European Union. LCIF2 is part of the UK government’s portfolio of business support products.