ClearWatt unlocks the second-hand electric car market by measuring and certifying EV battery health.
Business overview
Location | London, United Kingdom |
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Social media | |
Website | www.clearwatt.co.uk |
Sectors | Automotive & Transport Digital Mixed B2B/B2C |
Company number | 09793739 |
Incorporation date | 24 Sep 2015 |
Investment summary
Business highlights
- Hardware-free EV battery health analysis tool
- Key pilots underway including UK's largest fleet
- Unlocking used EV market - growing at 87% CAGR
- EV sector experts with previous exit (E-Car Club)
Key features
Idea
Introduction
ClearWatt is a platform designed to unlock the second-hand electric vehicle market by providing an accurate, independent analysis of the battery health of any electric vehicle - directly addressing a key concern holding back over 60% of prospective used EV buyers.
Developed with support from OZEV & DfT, our unique (patent-pending) solution to battery health measurement uses mobile telematics & cutting-edge AI to bypass the need to connect to vehicles directly. Being hardware-free and unreliant on 3rd party data provides a distinct advantage in terms of usability (for both private & business sellers), 100% vehicle coverage and global scalability, with BETA users currently validating the product across 4 continents.
Complementing the core product & cementing ClearWatt's position as independent experts in this space, we have built a detailed online knowledge-hub (clearwatt.co.uk) & suite of APIs to power the industry with our unique insights on range, battery health & other key topics.
Monetisation strategy
The ClearWatt battery health report is a highly valuable addition to the documentation provided at the point of sale of a used EV. Fleets & other sellers are looking to better predict residual values, reduce lengthy sales periods (and associated costs) & ultimately charge a premium for vehicles in demonstrably good condition (with as much as a $3k premium possible according to US data).
Revenue (of up to £50 per report) generated across 3 key channels:
· B2B (e.g leasing companies/ dealerships), where volume-based agreements will see bulk billing for issued reports
· B2B2C (e.g marketplaces), where we will primarily operate a licensing agreement whereby the partner resells our services to its retailer networks
· B2C, where consumers pay us directly per report issued.
In addition to the EV Health Checker, our digital services (web platform & APIs) provide further recurring revenue opportunities as partners seek to improve the data & information presented to consumers considering an EV.
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