Investment drives business development to target £501m electric vehicle market
Launched in 2017, Spark EV analyses live driver, vehicle and other data sources, such as the weather and congestion, using its advanced algorithms to increase the accuracy of journey predictions for electric vehicles. Research carried out by the University of Cambridge’s Judge Business School estimates that the global market for EV prediction solutions will rise to at least £501m by 2022.
The system uses a combination of easy to install sensor technology, cloud-based machine learning analysis software and a powerful smartphone app. Fleet managers and drivers enter their proposed journey and get advice on whether they will be able to complete it – based on live data, previous trips and charge point locations. This delivers reassurance to fleet managers and drivers that they will be able to schedule and complete jobs without running out of charge, removing range anxiety while increasing the amount of potential vehicle journeys by an additional 2.8 per day.
Spark EV’s move to the Lanwades Business Park, where it joins existing tenant EO Charging, forms the nucleus of an EV cluster in the area.
New Anglia Capital is a co-investment fund aiming to stimulate entrepreneurship across Norfolk and Suffolk, with £2million of funding from New Anglia Local Enterprise Partnership (LEP). The fund brings businesses and angel investors together to kick-start new products and innovative ideas into thriving new businesses, as well as support existing high-growth companies.
“Since we launched Spark EV last year we’ve seen increasing interest from fleet operators looking to move to electric vehicles, but who have been previously worried about efficiency and range anxiety,” said Justin Ott, CEO, Spark EV Technology. “This new investment from New Anglia Capital, on top of money from the Low Carbon Innovation Fund, will help us meet this growing demand and target an estimated half a billion pound market with our AI-powered EV prediction solution.”
“As well as excellent transport links and proximity to Cambridge, our new Suffolk office gives us flexibility and space to grow, and crucial facilities, such as EV chargepoints, that enable us to demonstrate and develop our technology,” Ott concluded.
“New Anglia Capital is dedicated to nurturing exciting, innovative new businesses and helping them grow and achieve their potential,” said Andrew Proctor, board member at New Anglia Capital. “The electric vehicle market is expanding enormously. Spark EV’s technology solves the key problem of anxiety over vehicle range, which is currently holding back the adoption of electric vehicles by fleets. We’re pleased to be able to support such a ground-breaking local business, and believe it has a bright future ahead of it.”
About Spark EV Technology
Driven by air quality concerns, global legislation is accelerating the adoption of electric vehicles (EVs). However, fleet operators face multiple challenges with EVs, including range anxiety, ensuring high utilisation rates and optimising productivity.
Built specifically for fleets, Spark EV Technology (http://www.spark-technology.com/) helps operators overcome these issues. An artificial intelligence-powered journey prediction and route planning solution, it uses machine learning to deliver more accurate range predictions, enabling operators to increase journeys by 20%, removing range anxiety and maximising driver and vehicle time. Research carried out by the University of Cambridge’s Judge Business School estimates that the global market for EV prediction solutions will rise to at least £501m by 2022.
Developed in Cambridge, UK, Spark EV combines the company’s own research with work from the University of Essex. Available now, it is already receiving strong interest across Scandinavia. A regional finalist in the Shell Springboard competition and an alumni member of Accelerate Cambridge, Spark EV Technology has received investment from the Low Carbon Innovation Fund.
For more information:
Chris Measures (PR for Spark EV Technology)
+44 7976 535147