Software company ClearWatt brings transparency to the used electric vehicle market by measuring and certifying the health of an electric vehicle battery. The EV Health Checker app provides consumers and dealers with important information needed to make more informed purchasing decisions.
As part of its latest funding round, Prova Investments has acquired a stake in ClearWatt, adding the software company to its growing European portfolio of early-stage companies working at the forefront of clean technology, sustainability and the circular economy.
Prova's investment pushes ClearWatt's latest fundraising beyond its £200,000 target. Current funders include the Department for Transport (DfT), the Office for Zero Emission Vehicles (OZEV) and the Department for Business, Energy and Industrial Strategy (BEIS).
Patrick Cresswell, Co-Founder and Managing Director clearoatHe commented: “By using mobile telematics technology to collect driving data and measure key battery indicators, our self-service mobile app measures and certifies the health of an electric vehicle’s battery. This provides buyers with confidence that their electric vehicle has range and longevity.” Which they expect.
“We are on a mission to revolutionize the used electric vehicle market by providing clarity, reassurance and certainty to consumers. With the team's proven experience in future mobility and clean technology, we are thrilled that Prova Investments has decided to join us in the next chapter of our growth journey.”
Richard Bustens, founder Profa InvestmentsHe added: “At Prova Investments, we see the critical importance of used electric cars in supporting the UK’s electrification, and ClearWatt provides buyers with the clarity and confidence they need to switch to electric.
“This investment fits perfectly with our strategy to help future mobility, circular economy, and clean technology companies expand and grow. We are excited to support ClearWatt as the company continues to disrupt the used electric vehicle market.”