Seattle-based startup Recurrent aims to rate EV battery health like car mileage to help you know your EV’s driving range – Tech Startups

The bustling used car market dwarfs the new car market by more than double, and electric vehicles (EVs) are rapidly joining the fray. This presents a unique challenge: valuing these battery-powered vehicles. Unlike traditional gasoline cars, around 40% of what it costs to make an electric car goes into its battery.

And guess what? Batteries degrade with each charge and discharge cycle. As batteries get used and charged up again, they slowly wear out over time. That’s why one startup is on a mission startup to rate EV battery health like car mileage so you know your EV’s driving range

Enter Recurrent, a Seattle-based startup poised to revolutionize the assessment of electric vehicle batteries, akin to how odometers track mileage in traditional combustion engine cars. CEO Scott Case emphasizes Recurrent’s mission to empower used EV buyers with comprehensive insights into vehicle range dynamics, weather impacts, and battery degradation over time, debunking the notion that EVs are simply “iPhones on wheels.”

“We help used EV buyers understand what they’re getting when it comes to vehicle range, and how that changes in different weather conditions and how that changes over time as the car ages,” Scott Case, CEO of Recurrent, told CNBC. “The battery in an EV doesn’t wear down like your iPhone battery does. Your EV is not an iPhone on wheels.”

Unlike conventional methods, Recurrent relies solely on software, leveraging data from thousands of EVs daily to analyze and normalize factors like driving behavior and charging patterns. This allows for precise comparisons between similar vehicles, enabling buyers and dealerships to gauge battery health accurately and thereby enhance market transparency.

“It’s similar to how everyone in the used car ecosystem needs to know the odometer of a used combustion engine car,” Case said. “Everyone needs to have a common currency to be able to value these vehicles as they show up in the market.”

Investors recognize the transformative potential of Recurrent’s technology in an evolving EV landscape. Paul Straub of Wireframe Ventures underscores the seismic shift from gas-powered to electric vehicles, emphasizing the critical need for standardized valuation metrics in this transition.

Backed by investors such as Wireframe Ventures, ArcTern Ventures, Powerhouse Ventures, and EnerTech Capital, Recurrent recently secured a $16 million Series A funding round to bolster its used EV battery reporting capabilities. With the used EV market poised for exponential growth, transparency, and standards become paramount, driving demand for innovative solutions like Recurrent’s.

Through its platform, Recurrent provides consumers and dealerships with insights into the condition of used electric vehicle batteries. Since its inception in 2020, the Seattle-based Recurrent has solidified its position as a frontrunner in the realm of used EV battery analytics. The platform’s battery health scores are prominently featured on popular consumer sites such as Edmunds.com and Cars.com.

Recurrent has also attracted over 20,000 drivers to its platform, experiencing a remarkable revenue surge. Case predicts a tenfold expansion in the used EV sector over the next five years, underlining the inevitability of this market’s growth despite the rapid adoption of new EVs.

Much like mileage and engine condition are pivotal factors in purchasing traditional gasoline-powered vehicles, the status of an electric vehicle’s battery holds paramount importance in the decision-making process. Recognizing this, Recurrent strives to be the premier destination for accessing comprehensive battery data, understanding that the battery largely dictates the value of the vehicle.

A photo of part of the Recurrent team, including CEO and cofounder Scott Case (far left). (Recurrent Photo)

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• Source: https://techstartups.com/2024/03/26/seattle-startup-recurrent-aims-to-rate-ev-battery-health-like-car-mileage-to-help-you-know-your-evs-driving-range/