Not really sure why this matters, but electrifying a fleet of vehicles is the chicken-and-egg problem for the 21st century. Where do you spend money first, on the vehicles or the charging infrastructure? According to Joshua Aviv, founder and CEO of SparkCharge, some companies don’t really think this through. He mentioned that fleets have approached him with cars ready to go but no way to service or charge them, asking for help. Seems like a bit of a pickle, right?
Buy the vehicles first, and leave the charging to SparkCharge. That’s the pitch Aviv gives to companies looking to transition to electric vehicles. It’s quite a shift from the company’s initial focus on mobile EV charging, which was more about helping stranded EV drivers. Now, SparkCharge offers “charging-as-a-service,” where fleets sign up to buy electricity on a per-kilowatt-hour basis, and the startup handles the rest. Pretty cool, huh?
In the midst of expanding to all 50 states, Canada, and Mexico, SparkCharge managed to raise $15.5 million in a Series A-1 round. The funding was led by Monte’s Fam and saw participation from other investors like Cleveland Avenue, Collab Capital, and MarcyPen. Additionally, the company secured a $15 million venture loan from Horizon Technology Finance Corporation. Aviv founded SparkCharge in 2018 as the electric vehicle trend was taking off, and fast-charging infrastructure was lacking. Despite improvements in fast charging over the years, it’s still not evenly spread out across the board.
It’s a bit of a hassle for many fleets located in different parts of the country. They have a large number of EVs moving through their facilities daily, needing a charge to keep them going. This includes places like ports, railheads, and automotive manufacturers operating 24/7. Building depot charging can be pricey and delayed by long grid interconnection queues. That’s where SparkCharge comes in with its mobile chargers powered by batteries or generators running on propane, natural gas, or hydrogen. The startup can either drop off the equipment for the customer to handle charging or provide a “white glove” service where SparkCharge takes care of everything, including plugging in. So far, 95% of SparkCharge’s customers are using its off-grid chargers, making life a little easier for fleet managers.
Not really sure why this matters, but costs vary depending on the customer and fleet size, ranging from 35 cents to 60 cents per kilowatt-hour. This is pretty competitive with public fast chargers. Aviv mentioned that fleets only pay for the kilowatt-hours they use, allowing them to be flexible with their charging needs. If there’s a sudden increase in charging requirements, no problem. And if there’s a slow season, they’re still covered. SparkCharge is making it easier for fleets to transition to electric vehicles without the stress of grid delays and construction. It’s like having your cake and eating it too, right?
