Cambridge-based Spark EV Technology has been selected to join Tech Nation’s Net Zero programme, designed to support 30 of the UK’s most promising scaleups that are contributing to the UK reaching its goal of net zero greenhouse gas emissions by 2050.
Spark EV Technology selected to join world-first Net Zero programme
Spark EV Technology develops and supplies personalised journey prediction and map display software for electric vehicles of all sizes. By combining data (such as vehicle size, driver experience, weather predictions) with Machine Learning algorithms, it significantly improves journey prediction accuracy compared to existing vehicle systems. Their goal is to accelerate EV adoption by providing their automotive customers a trusted on board system to remove range and time anxiety for drivers.
Justin Ott, CEO, Spark EV Technology, comments: “It means a lot that Spark has been selected by global experts across sustainability from the well renowned Tech Nation. We are looking forward to gaining insights from the mentors and cohort to build relations across the electrification space. Accessing government support and raising our profile is important to getting known and scaling the company.”
The 30 UK tech scaleups tackling climate change to watch
Spark EV Technology is one of the 30 scaleups selected to join Tech Nation's new Net Zero programme. Announced in Alok Sharma’s speech this week at London Tech Week, the companies come from across the UK and across a range of sectors including construction, agriculture, and energy.
The cohort includes companies that are building electric vehicles, creating vertical farms and animal-free dairy products, measuring environemntal footprints, and improving manufacturing and recycling supply chains. These companies represent the most promising UK scaleups contributing to the UK reaching its goal of net zero greenhouse gas emissions by 2050.
In a new report, Tech Nation found that the UK leads Europe for the number of Net Zero companies, at 323 compared to 207 in France (35% less) and 150 in Germany (53% less). Furthermore, 37% of UK Net Zero companies are at an early stage of growth, showing an impressive pipeline for the sector. 26% of UK Net Zero companies are late-stage, highlighting the growth already happening to meet emission targets. In 2019, the UK also led Europe for VC investment into Net Zero companies at £336mn in VC investment, 55% more than France which received £216mn, and 18% more than Germany with £283mn. VC investment in Net Zero in the UK has grown by 28% from 2018 to 2019.
The government-backed initiative is the first of its kind, designed to accelerate the growth of the UK’s most promising Net Zero scaleups. Sessions will include quantifying sustainability, navigating the regulatory landscape, and how to internationalise a Net Zero business. The programme comes at a critical moment, with Covid-19 highlighting the key role played by technology in aiding a green recovery to the crisis and the importance of building a sustainable future.
The programme is supported by partners BNP Paribas, who bring their expertise to scaling up climate action. The partnership will support the collective mobilisation of clean tech solutions, which are a vital part of accelerating the transition to a low carbon economy. Companies selected to join were assessed through a rigorous judging process. The judging panel included Hayden Wood, CEO, Bulb, Pippa Gawley, Founder and Director, Zero Carbon Capital, Mark Hodgson, Chief Business Officer, Cervest, Tom Adeyoola, NED, Verco, Dr Ben Caldecott, Director of the Oxford Sustainable Finance Programme at the University of Oxford, Helen Clarkson, CEO, The Climate Group, Jeff Eneberi, Director, Sustainable Seaweed and Azeem Azhar, Founder, Exponential View.
In addition to the 30 companies joining the Net Zero cohort, four additional ‘Fellows’ will join the programme. The Fellows selected are net zero companies at a later stage of funding, or are alumni of Tech Nation growth programmes. The Fellows will have access to the Net Zero coaching sessions and peer-to-peer learning opportunities. The Fellows will also share their learnings and experience as net zero companies who already have experience scaling within this unique space.
Business and Energy Secretary Alok Sharma said: “As part of our plan to reach net zero emissions by 2050, we are funding green startups and unleashing the talent and creativity of entrepreneurs across the country.
“Innovative companies like these will help us to create green jobs and build back better as we recover from the coronavirus pandemic.”
Gerard Grech, Chief Executive, Tech Nation, comments: “The UK's Net Zero sector already leads Europe for VC investment, at £336mn, and is home to 323 tech companies that are working hard to reduce carbon emissions globally. Scaling such businesses can be hard, which is why we are delighted to launch a new programme focused on businesses at this stage of growth from all over the UK, especially given the impact they will have on climate change and their drive towards a net zero economy.”
Maximising utilisation for electric vehicles