The Business Magazine - B2B Business News - Site Logo

Warning: Undefined array key "tbm_visit_edition_me" in /home/970822.cloudwaysapps.com/utkbfqnuhr/public_html/wp-content/plugins/oxygen/component-framework/components/classes/code-block.class.php(133) : eval()'d code on line 27
The Business Magazine - B2B Business News - Site Logo
The Business Magazine May 2024
Read now
PICK YOUR EDITION

Warwick-based Prova invests in ‘EV Health Checker’ creator ClearWatt

The Business Magazine article image for: Warwick-based Prova invests in ‘EV Health Checker’ creator ClearWatt
ClearWatt
23 May 2024
ClearWatt

Prova Investments has taken an equity stake in electric vehicle (EV) software company ClearWatt.

London-based ClearWatt has developed a simple approach to effectively measure the driving range and battery performance of second hand EVs. This provides consumers and dealers with the critical information needed to make more informed purchase decisions.

Prova’s investment pushes ClearWatt’s latest fundraising round above 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).

Richard Postins, founder of Prova Investments, said: “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.”

Patrick Cresswell, co-founder and managing director of ClearWatt, added: “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.”

ClearWatt’s flagship EV Health Checker is now in its BETA testing phase.


Share 

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.

Latest deal ticket

All deals
  • FemtoTools (Switzerland)
    is to be acquired by
    Oxford Instruments (Oxfordshire)
    June 2024
    £21.2m
    Who's behind the deal?
  • Fire and air compliance firm RJ Urmson Group (Lancashire)
    has been acquired by
    HSL Compliance (West Midlands)
    June 2024
    UNDISCLOSED
    Who's behind the deal?
  • The fixed assets and stock of Russell Ductile Castings Ltd (West Midlands)
    have been bought from administrators by
    Castings PLC (West Midlands)
    June 2024
    £400,000
    Who's behind the deal?

Events

All events

Related news


Group Titles

Dorset BIZ NewsHampshire BIZ News
cross