Prova Investments has continued to grow its European portfolio of early-stage businesses operating at the forefront of cleantech, sustainability and the circular economy, by taking an equity stake in electric vehicle (EV) software company ClearWatt.

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 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, commented: “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. For more information, visit https://www.clearwatt.co.uk/. To find out more about Prova Investments, visit www.provapr.co.uk/investments.