Can you buy SparkCharge stock? All you need to know

Somerville-based SparkCharge has caught the attention of potential investors after it was reported that the mobile electric vehicle (EV) startup raised US$ 23 million in a funding round.

SparkCharge raised the money in a Series A funding round led by Tale Venture Partners, Silicon Valley Bank, and Summer Watson.

Due to the funding, it appears that the interested investors are looking for the stock and initial public offering (IPO) plans of SparkCharge.

Is SparkCharge IPO happening?

There is no official update from the company, and it seems highly unlikely that SparkCharge would go public. The company has reportedly raised US$ 35.8 million in total, and it could look to raise more money through venture capitalists in future.

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Also, as it is a private company, retail investors cannot buy the SparkCharge stock. Private companies generally raise money through venture capital firms or private investors.

Retail investors only get a chance to get hold of a company's stock when it goes public in an equity market. Notably, SparkCharge attracts potential investors due to its innovative technology.

SparkCharge is expanding, and it created the world's first mobile EV charging network. The company allows EV drivers to charge their vehicles anytime and anywhere they want by giving them countless hours back.

Also, in 2022, the mobile EV startup has reportedly partnered with various global brands to offer them its mobile charging services. SparkCharge has reportedly partnered with Uber, Hertz, and Kia Motors.

Bottom line

SparkCentral's mobile application can be used in four cities, and it is planning to expand its operations by providing its services in additional markets.

The Somerville-based company appears to be growing rapidly, and some reports suggest that SparkCharge has crossed 112,000 miles of range delivered to the owners of electric vehicles.

A 2022 report by the International Energy Agency (IEA) indicated that the global electric car sales remained strong this year after breaking all the records in 2021.

In 2022, it is expected that the mobile EV startup will prevent more than 85 tonnes of carbon dioxide pollution. As EVs are becoming popular due to climate change, companies like SparkCharge could benefit from an increased adoption of EVs in the future.

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Please note, the above content constitutes a very preliminary observation or view based on market trends and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.