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 84% 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.
Substantial accomplishments to date
· MVP built & in BETA testing, with thousands of journeys analysed & high scores across all key metrics (including 9.6/10 for accuracy, 8.5/10 for ease of use)
· £248k of non-dilutive grant funding offers for 2024, furthering AI capabilities & unlocking data-sharing capabilities with major fleet operators
· Pilots & partnerships underway with leading fleet providers including Octopus EV & Motability (operator of 700k vehicles)
· Extensive sales pipeline including UKs largest marketplace, UKs largest roadside recovery provider & many others
· API distribution contract signed with leading provider, OneAutoAPI
· Affiliate partnership agreements in place with key players including Electric Car Scheme
· Acknowledged experts in fields of battery health & second-hand EVs, with regular invitations to speak at events hosted by Autotrader, BVRLA, Fully Charged & more
· Highly skilled team assembled with many decades of combined experience in EVs, battery science & software development
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.
Use of proceeds
Having won £248k in non-dilutive grant funding, the funds raised on Seedrs will enable us to continue growing the team and product offering as we prepare for full commercial launch later this year.
Key personnel will include further in-house software developers and business development/ marketing support as we leverage key relationships/ opportunities already underway.
Legal/ patent fees, operational expenses and marketing spend will be deployed in support of the launch and overall strategy to make ClearWatt synonymous with buying and selling a second-hand EV.
Key Information
Convertible Loan
The company has the following outstanding convertible loan, which may convert to equity after this round and dilute existing shareholders:
- £100,000.00 loan from the Foundation for Integrated Transport (FIT), with the following key terms:
• Interest rate: 6%
• Conversion trigger: At the lender's discretion on any capital raise that occurs during the lifetime of the Loan, in the event of a sale,
• Conversion price: 15% discount on the subscription price of the conversion round, or (if converting at the Repayment date) a 15% discount on the share price of the Company's last round.
• Valuation Cap: N/A
• Share class: A Ordinary
• Repayment date: October 2028.
Outstanding Debt
The company has the following outstanding loan:
- £32,197 loan from Barclays at an interest rate of 2.5% per annum. The loan is to be repaid in September 2030.
The funds raised from this investment round will not be used to repay this loan.
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