EV startup backed by Mark Cuban raises $110 million

Electric vehicles are becoming more popular, but one of the main worries that potential buyers have is "range anxiety" - the fear of running out of battery power before reaching their destination. Josh Aviv, CEO of SparkCharge, is addressing this issue with his startup. SparkCharge is a portable battery charging unit that can be delivered to a car's location, allowing for an extra 100 miles of driving range in under two hours. SparkCharge has raised a substantial amount of money from investors and has forged partnerships with major brands. Subscription packages range from $5 to $30 per month and charging rates are between $0.51 and $0.69 per kWh. The service is already available in 121 U.S. cities, and Aviv plans to expand to more locations in 2023. SparkCharge is projected to generate $10 million in revenue this year.

Electric vehicles have become a viable option for drivers, but range anxiety can be a deterrent. SparkCharge is helping to address this concern with its portable battery charging service. By delivering a charging unit to the location of the car, drivers can extend their range by up to 100 miles in two hours. The service has gained traction with investors, partnerships with major brands, and is expected to bring in $10 million in revenue this year. The subscription packages and charging rates vary, but the service is already available in 121 U.S. cities and will continue to expand in the coming years.


More from Press Rundown