Software company ClearWatt provides transparency to the second-hand electric car market by measuring and certifying EV battery health. Its EV Health Checker app provides consumers and dealers with critical information needed to make more informed purchase decisions.
As part of its latest funding round, Prova Investments took an equity stake in ClearWatt, adding the software company to its growing European portfolio of early-stage businesses operating at the forefront of cleantech, sustainability and the circular economy,
Prova’s investment pushes ClearWatt’s latest fundraising past its £200,000 target. Existing funders include the Department for Transport (DfT), the Office for Zero Emissions Vehicles (OZEV) and the Department for Business, Energy & Industrial Strategy (BEIS).
Patrick Cresswell, co-founder and managing director of ClearWatt, commented: “By using mobile telematics to collect driving data and measure key battery indicators, our self-service mobile app measures and certifies EV battery health. This offers buyers the confidence that their EV has the range and longevity that they’d expect.
“We are on a mission to revolutionise the second-hand EV marketplace by providing clarity, reassurance and certainty for consumers. With the team’s proven expertise across future mobility and clean technology, we’re delighted that Prova Investments has decided to join us on the next chapter of our growth journey.”
Richard Postins, founder of Prova Investments, added: “At Prova Investments, we see the critical importance of used EVs in supporting the UK’s transition to electrification, and ClearWatt provides buyers with the clarity and confidence they need to make the switch to electric.
“This investment fits in perfectly with our strategy to help tomorrow’s future mobility, circular economy and clean technology businesses to scale and grow. We’re excited to be supporting ClearWatt as the business continues to disrupt the used EV market.”
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‘EV Health Checker’ creator ClearWatt reaches £200,000 fundraising target with latest investment from Prova