SparkCharge Company Profile

Background

Founded in 2017, SparkCharge is a pioneering company in the electric vehicle (EV) industry, dedicated to revolutionizing EV charging through innovative, mobile solutions. The company's mission is to eliminate barriers to EV adoption by providing accessible and flexible charging options, thereby promoting sustainable transportation. SparkCharge has established itself as a significant player in the EV charging sector by introducing the world's first mobile EV charging network, enabling EV owners to charge their vehicles anytime and anywhere without reliance on traditional infrastructure.

Key Strategic Focus

SparkCharge's strategic focus centers on delivering mobile, on-demand EV charging solutions that address the limitations of existing charging infrastructure. The company specializes in:

• Charging-as-a-Service (CaaS): Providing mobile battery-powered EV chargers directly to businesses, allowing immediate charging capabilities without existing grid infrastructure.

• Energy-as-a-Service (EaaS): Offering mobile, off-grid clean energy microgrids for large-scale EV charging in areas with limited or unreliable grid availability.

• Infrastructure-as-a-Service (IaaS): Delivering end-to-end EV charging solutions, transitioning from mobile and off-grid setups to permanent infrastructure as grid access becomes available.

These services cater to various industries, including EV fleets, delivery services, events, automotive original equipment manufacturers (OEMs), ports, railyards, and rideshare companies.

Financials and Funding

SparkCharge has successfully secured multiple funding rounds to support its growth and innovation:

• Seed Round (April 2020): Raised $3.3 million led by PJC, with participation from Revolution’s Rise of the Rest Seed Fund, PEAK6 Strategic Capital, M&T Bank, and Tale Venture Partners.

• Series A (May 2022): Secured $23 million co-led by Tale Venture Partners and Pendulum, with additional investments from Revolution’s Rise of the Rest Seed Fund, Mark Cuban Companies, and Silicon Valley Bank.

The capital has been utilized to scale operations, expand the mobile charging network, and develop new products and services.

Technological Platform and Innovation

SparkCharge's innovation is anchored in its proprietary technologies:

• Roadie Portable Charging System: A modular, portable, and ultrafast DC fast charging solution that delivers one mile of range per minute, independent of fixed infrastructure.

• BoostEV App: An on-demand mobile charging application that connects EV drivers with mobile charge providers, enabling users to request charging services at their preferred locations.

These innovations set SparkCharge apart by offering flexible and scalable charging solutions that address the limitations of traditional charging infrastructure.

Leadership Team

SparkCharge is led by a team of experienced professionals:

• Joshua Aviv, CEO and Founder: A Syracuse University alumnus, Aviv founded SparkCharge to address the challenges of EV charging accessibility.

• Christopher Ellis, CTO and Co-founder: Co-presented on "Shark Tank" and has been instrumental in developing the company's technological solutions.

• Richard Whitney, Chief Engineer and Co-founder: Played a key role in the engineering and development of SparkCharge's products.

Competitor Profile

Market Insights and Dynamics

The EV charging market is experiencing rapid growth, driven by increasing EV adoption and supportive government policies. However, challenges such as range anxiety and insufficient charging infrastructure persist, creating opportunities for innovative solutions like those offered by SparkCharge.

Competitor Analysis

Key competitors in the EV charging space include:

• ChargePoint: Operates a vast network of public charging stations and offers home charging solutions.

• EVgo: Provides a nationwide network of fast-charging stations, focusing on urban areas and highways.

• Tesla Supercharger Network: Exclusive to Tesla vehicles, offering high-speed charging across extensive locations.

Unlike these competitors, SparkCharge's mobile and on-demand charging solutions offer flexibility and convenience without the need for fixed infrastructure.

Strategic Collaborations and Partnerships

SparkCharge has established significant partnerships to enhance its market position:

• Allstate Roadside: Collaborated to provide mobile EV charging services to stranded drivers.

• Spiffy: Integrated SparkCharge's services into its mobile car care offerings.

• Kia Motors: Partnered to offer mobile charging services to Kia EV owners.

• Hertz and Uber: Collaborated to provide charging solutions for their EV fleets.

These partnerships have expanded SparkCharge's reach and service capabilities.

Operational Insights

SparkCharge's mobile and on-demand charging model provides distinct competitive advantages:

• Flexibility: Ability to deliver charging services anywhere, addressing gaps in existing infrastructure.

• Scalability: Rapid deployment without the need for extensive construction or grid connections.

• Customer Convenience: On-demand services reduce range anxiety and enhance the EV ownership experience.

These factors position SparkCharge favorably against traditional charging station operators.

Strategic Opportunities and Future Directions

Looking ahead,