Dutch battery company successfully completes Series B funding
Rotterdam, Netherlands
Battery technology company closes successful funding round
Battery technology company maxwell+spark has closed a USD15 million Series B funding round, led by Klima, Alantra’s Energy Transition Fund, with new investors Chevron Technology Ventures (US) and Idemitsu (Japan) joining existing backer Fairtree.
The Dutch-based company designs and manufacturers modular lithium-ion battery systems which replace diesel and lead-acid power across forklifts, refrigerated transport, and backup energy applications.
Its motive.li range, developed for the materials handling sector, has been in commercial operation since 2018.
“Forklifts are part of a wider industrial ecosystem that’s rapidly electrifying,” says Clinton Bemont, CEO of Maxwell+spark of the successful Series B funding round.
“This investment enables us to move beyond individual battery systems toward a fully connected energy ecosystem.”
TGW Logistics records 55% jump in order intake
Marchtrenk, Austria
TGW Logistics reports a 55% increase in order intake
Austrian warehouse automation specialists TGW Logistics has released its financial results for the 2024-25 financial year and is reporting a 55% year-on-year increase in order intake to USD1.7 billion for a record-breaking year.
Revenue for the year was USD1.24 billion, a slight increase on last year’s previous record-high.
TGW Logistics chief executive officer, Henry Puhl, says the results are, in part, due to the “positive effects of a transformation program” implemented in the northern summer.
The company’s investments in research and development amounted to USD61.2 million, or 4.9% of revenue for the year.
“Innovation has been an integral part of the company's DNA since its founding in 1969,” the business states. “At present, particular focus is on mobile and stationary robotics, artificial intelligence and the possibility of digitalisation.”
TGW Logistics has subsidiaries in Europe, Asia and the US with a global workforce of more than 4,500.
New MHE entity launched in Saudi Arabia
Eastern Province, Saudi Arabia
Farhan Shah launches MHE business in Saudi Arabia
Industry veteran Farhan Shah has launched Excelio Contracting Company, a new materials handling support services company in Saudi Arabia.
Excelio has picked up a national maintenance contract with Binzagr Logistics Company, covering over 300 units of MHE across multiple sites.
CEO Shah, who is well known in the industry having worked for 30 years in materials handling and launching Crown Lift trucks into Saudi Arabia while general manager of Arcoma Company, says the large contract demonstrates Excelio’s ability to scale.
Shah says the business manages mixed fleets and docking systems.