April 21, 2022, Toronto, ON and Philadelphia, PA – EnerTech Capital is pleased to announce today, our first investment from the EnerTech Global Strategic Mobility Fund in leading electric vehicle (“EV”) battery intelligence company Recurrent. Our co-investors in this transaction included Prelude Ventures, Wireframe Ventures, PSL Ventures, Powerhouse Ventures, Vulcan Ventures, Automotive Ventures, Goodyear Ventures, Hearst Ventures and Map Investco.
Buying a used EV is fundamentally different than buying a used internal combustion engine vehicle. Recurrent’s innovative solution provides a deep understanding of the battery health in a used EV and a shopping experience purpose-built for EV buyers. Electrification of the auto sector is urgently needed to meet climate goals, however the price of a new EV is too high for many buyers. Used EVs represent an economical way for many buyers to begin their EV journey.
“As a firm, we believe there will be a growing need to have validated data on EV battery health and Recurrent is well positioned to become the “Carfax” of the EV market. This investment fits squarely into the data connectivity segment of our mobility investment strategy,” said Wally Hunter, Managing Director, EnerTech Capital.
“We are pleased to have EnerTech join the syndicate of investors in our latest round. EnerTech’s strong linkage with Corporate Strategic investors along with their proprietary partnership with the California Mobility Center make them a value-added investment partner for Recurrent as we execute on our growth strategy,” said Scott Case, CEO, Recurrent.
“Recurrent is solving a hesitancy many consumers have when it comes to buying an EV by providing insights on the battery outlook. Their solution will be critical for consumer adoption of EVs. We are excited to be partnering once again with Scott, and look forward to joining the Recurrent team and network to enable the EV transition,” said Dean Sciorillo, Managing Director, EnerTech Capital.
About Recurrent
Recurrent provides car dealers and private-party buyers with vehicle reports for used electric vehicles (EVs). By providing more transparency and confidence in pre-owned electric car transactions, Recurrent will accelerate the overall adoption of EVs. EV adoption is key to reducing the 20% of U.S. carbon emissions that are currently produced by light-duty combustion-engine vehicles.
For more information, visit: www.recurrentauto.com
About EnerTech Capital
For over 25 years EnerTech’s fundamental focus has been investing and partnering with innovative companies driving change across the energy landscape, with a core focus on the mobility sector. Since our founding in 1996, we have made 72 investments and have managed over $500 million in LP Capital Commitments. We have had an active role in building world class management teams who have created new, lasting ways to use energy resources more efficiently and have been a part of building companies that have, and continue to, transform industries.
EnerTech has offices in Toronto, Philadelphia, Palm Beach Gardens, Boston, and Sacramento.
For more information, visit: http://www.enertechcapital.com
CONTACT: Wally Hunter: 416-363-8563 whunter@enertechcapital.com
