Seattle-based software startup Recurrent seeks to aid used electric vehicle owners in estimating battery health by comparing individual battery data to that of similar vehicles on the road. It is undoubtedly an innovative tool that can potentially advance as the standard for benchmarking an electric vehicle battery.
Recurrent aids used EV buyers determine how much life is left in a vehicle
According to CNBC, Recurrent “aims to do for electric vehicle batteries what odometers do for fuel-powered cars: show the wear and tear on the battery and its future value.”
It is indeed a crucial matter, considering the rapid growth of the used electric vehicle market. The complexity of measuring these cars’ value poses a problem for prospective customers. Therefore, most customers usually have various questions about used EVs, particularly regarding battery life.
It is unsurprising that customers give significant consideration to batteries, given their high cost and expensive replacement. In fact, replacing it can even surpass the entire value of the car.
“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.”
Recurrent CEO Scott Case
CEO Case further reminded drivers that they cannot compare an EV battery with the one in their iPhones.
“The battery in an EV doesn’t wear down like your iPhone battery does. Your EV is not an iPhone on wheels.”
Recurrent CEO Scott Case
How does it work?
Recurrent does not use any hardware and heavily relies on software that powers thousands of electric vehicles every day. As mentioned, it compares two similar models and determines which has a stronger battery to ensure that customers get the one with the higher value.
It looks to answer the following key questions from prospective customers:
- What is the actual, real-world battery range?
- How will the battery range change in various conditions, like summer or winter?
- And what will that range be three years from now?
“It’s similar to how everyone in the used car ecosystem needs to know the odometer of a used combustion engine car. Everyone needs to have a common currency to be able to value these vehicles as they show up in the market.”
Recurrent CEO Scott Case
EV owners can connect to Recurrent using various methods like OnStar or a Tesla account. In addition, Dealerships can also use Recurrent to show buyers the comparisons, enabling them to increase the sale price of the units with more robust batteries.
Recurrent growth prospect
Recurrent undoubtedly has a huge growth prospect, considering the rapid growth of the used car market. It has no competition in the United States so far, which enables it to easily attract investors.
“When we look at EVs, we’re thinking about this massive transition, which is sort of a once-in-a-lifetime opportunity, where you’re seeing the entire global auto market shift from gas cars to EVs, and the bulk of that is going to happen the next decade.”
Paul Straub, co-founder and managing director of Wireframe Ventures, a Recurrent investor
Other investors in the software startup include ArcTern Ventures, Powerhouse Ventures, and EnerTech Capital. Recurrent has already raised a total funding of $19.25 million to date.
As of today, its platform has had approximately 20,000 drivers since June 2023. Impressively, the company successfully tripled its revenue last year. It is expected to increase further in the coming years, as CEO Case projects that the EV market will grow ten times in the next five years.
