SparkCharge Secures $30.5M to Power Fleet Electrification Revolution with Innovative Charging-as-a-Service Model

SparkCharge Secures $30.5M to Power Fleet Electrification Revolution with Innovative Charging-as-a-Service Model

In a significant development for the rapidly expanding electric vehicle industry, SparkCharge has secured $30.5 million in new funding to scale its innovative "charging-as-a-service" solution across North America. The company announced it has raised $15.5 million in a Series A-1 equity round led by Monte's Fam, with participation from Cleveland Avenue, Collab Capital, Elemental Impact, MarcyPen, and Non-sibi Ventures. Additionally, SparkCharge secured a $15 million venture loan from Horizon Technology Finance Corporation.

Founded in 2018 by CEO Joshua Aviv when the electric vehicle wave was just beginning to form, SparkCharge has evolved from providing mobile EV charging for stranded drivers to offering comprehensive charging solutions for commercial fleets. The company has now expanded its operations to all 50 states, Canada, and Mexico, positioning itself as a key player in the growing fleet electrification market.

The timing of this funding is particularly strategic as fleet operators increasingly face what Aviv describes as "the chicken-and-egg problem for the 21st century" – deciding whether to invest first in electric vehicles or in the charging infrastructure needed to support them. Many fleet operators are purchasing EVs without adequate charging solutions in place, creating an urgent market need that SparkCharge aims to fill.

"We've had fleets approach us and say, 'Hey, the cars are here. They're sitting on the lot. We've got no way to service them, no way to charge them. Can you guys help us out?'" Aviv told TechCrunch, highlighting the critical infrastructure gap that exists even as fleet electrification accelerates.

Key Takeaways: Charging-as-a-Service Removes Barriers to Fleet Electrification

SparkCharge's business model eliminates major barriers to fleet electrification by offering a pay-per-use charging service that requires no upfront infrastructure investment. This approach addresses several critical pain points for fleet operators:

1. No Capital Expenditure Required: Fleet operators pay only for the electricity they consume (35-60 cents per kilowatt-hour), avoiding the substantial upfront costs associated with building permanent charging infrastructure.

2. Rapid Deployment: While permanent charging stations can face lengthy delays due to permitting, construction, and grid connection issues, SparkCharge can deploy mobile charging solutions in days rather than months or years.

3. Flexibility and Scalability: The pay-per-use model allows fleets to scale their charging needs up or down based on seasonal fluctuations or business growth without being locked into fixed infrastructure costs.

4. Grid Independence: SparkCharge's mobile charging solutions can operate off-grid using battery power or generators running on propane, natural gas, or hydrogen, eliminating dependency on grid availability and connection timelines.

5. Operational Continuity: For operations running 24/7, such as ports, railheads, and automotive manufacturers, SparkCharge ensures vehicles can be charged and returned to service quickly without disrupting business operations.

Deep Analysis: SparkCharge's Market Position in the Growing Fleet Electrification Ecosystem

The global vehicle electrification market is projected to reach $99.3 billion by 2025, growing at a compound annual growth rate of 8.3% through 2035. Within this broader trend, the U.S. EV charging infrastructure sector alone is expected to hit $63.84 billion by 2025, with a CAGR of 11.6% from 2025 to 2029.

SparkCharge's charging-as-a-service model addresses a critical gap in this rapidly expanding market. Even as fast-charging infrastructure has improved dramatically over the past seven years, it remains unevenly distributed, particularly outside major metropolitan areas. This disparity creates significant challenges for fleet operators in middle America and remote coastal regions who are committed to electrification but lack access to adequate charging solutions.

The company's approach is particularly well-positioned to capture value from the commercial EV market, which was valued at $13.88 billion in 2023 and is forecast to reach $55.92 billion by 2029, growing at an impressive CAGR of 26.4%. This growth is reflected in fleet operators' intentions, with 64% already running some EVs and 36% expecting to have 20-50% of their fleet electrified by the end of 2025, up from just 7% in 2024.

However, SparkCharge faces significant competition in this lucrative market. Direct rivals in the mobile charging space include FreeWire Technologies, which has raised $230.2 million and offers battery-integrated ultrafast chargers that can be installed on existing sites at costs 40% lower than traditional high-power units. Other major competitors like EV Connect, ChargePoint, EVgo, Blink, Volta, EV Safe Charge, and Chargery have collectively raised over $5.1 billion and boast average revenues of $129 million.

SparkCharge's success will depend on its ability to overcome several key challenges:

1. Capital Intensity: Scaling a fleet of charging vans and battery packs requires substantial upfront investment, with ongoing costs for battery replacement and maintenance.

2. Regulatory Complexity: The use of generator-based chargers may face local emissions restrictions and zoning regulations, particularly in dense urban areas.

3. Market Consolidation: As larger companies expand their DC fast-charging networks and forge partnerships with OEMs and dealers, the infrastructure gap that SparkCharge addresses may narrow.

4. Operational Scaling: Managing logistics, technician deployment, and dynamic demand across three countries requires robust systems and involves high fixed overhead costs.

Did You Know? SparkCharge's Impact and Industry Firsts

• SparkCharge has already delivered an impressive 4.2 million kilowatt-hours of electricity through approximately 120,000 charging sessions, offsetting an estimated 500,000 gallons of gasoline and preventing 5,000 tons of CO₂ emissions.

• The company provided off-grid charging for over 300 Mercedes-Benz EQS vehicles at the 2025 Masters golf tournament, delivering more than 30,000 miles of range without requiring permanent infrastructure installation.

• While 95% of SparkCharge's current customers use its off-grid charging solutions, the company also offers transition services to help growing fleets eventually develop permanent charging infrastructure as their operations mature.

• SparkCharge originally began as a mobile EV charging service for stranded drivers, partnering with AllState insurance to provide emergency charging before pivoting to its current fleet-focused business model.

• The company's charging rates of 35-60 cents per kilowatt-hour are competitive with many public fast chargers, making the service economically viable for fleets while eliminating the need for multi-million dollar infrastructure investments.

• Fleet electrification offers compelling financial benefits beyond environmental impact, with electric vehicles promising to save on both fuel costs and maintenance expenses compared to conventional vehicles.

As the electric vehicle revolution continues to accelerate, SparkCharge's innovative approach to solving the infrastructure bottleneck positions the company to play a significant role in enabling fleet operators across North America to electrify their operations quickly, efficiently, and economically.