evvn by Future Motion
evvn unlocks the second-hand electric car market by measuring and certifying EV battery health
- Hardware-free EV battery health analysis tool
- Wide-reaching stakeholder support including DfT / OZEV
- Unlocking market growing at 57% year-on-year
- Experienced team with previous exit in this space (E-Car Club)
evvn is a platform designed to unlock the second-hand electric vehicle market by providing an accurate, independent analysis of the battery health of any electric vehicle.
With support from OZEV and DfT, we have designed a unique solution to battery health measurement which bypasses the need to connect to vehicles directly, using trip data gathered during specific journeys to feed directly into our proprietary algorithm and produce a performance score. The fact that evvn is hardware-free and relies on no 3rd party data gives us a distinct advantage in terms of usability, vehicle coverage and global scalability.
Underpinning the battery health tool is our online knowledge-centre, designed to translate complex language and provide much-needed transparency and confidence to the growing number of consumers looking to go electric (but not necessarily looking for a brand new car).
The combined offering makes evvn a powerful (and critical) resource as the used EV market begins to take shape.
Substantial accomplishments to date
● Innovative approach and algorithm designed and in testing, providing accurate results across multiple vehicle types. Approach developed out of successful 2021/22 project funded by OZEV and DfT (£220k non-dilutive grant funding).
● Awarded a further £130k in non-dilutive grant funding in 2022 from BEIS to continue our work in EV battery health measurement and monitoring, in partnership with a leading fleet operator.
● evvn management team invited to join BVRLA/ OZEV working group with specific focus on EV battery health certification standards.
● Continued traction with vehicle marketplaces including an MoU with forthcoming mobility comparison platform.
● Advanced discussions underway with award winning fleet management business seeking integrated SaaS application of evvn technology into B2B offering.
● Development of commercial proposition beyond battery health monitoring leads to positive discussions with several potential affiliate partners, including the agreement of commercial terms with leading EV chargepoint and energy tariff comparison platform, Rightcharge.
The evvn battery health certificate has an inherent value as it enables vehicle sellers to charge a premium (as proven by real-world data from the US which shows a $2k-$3k uplift in asking price for used EVs that include battery health data).
Sellers will be charged a direct fee for a unique battery health certificate, and once operating on this basis we will finalise license agreements with key distributors (such as existing car marketplaces). We believe this B2B2C model carries major advantages in terms of a direct channel to customers (with limited marketing costs), scalability and the ability to explore Enterprise/ SaaS business models in order to guarantee monthly recurring revenues as we intend to enter our major growth phase from 2024 onwards.
Additionally, the evvn knowledge-centre will provide opportunities to earn referral commission from affiliate partners across the EV charging, insurance, maintenance and home energy tariff sectors (commercial terms already agreed).
Use of proceeds
Funds received during this raise will be used to develop the mobile customer app and back-office portal, with the MVP developed and in testing during Q2 2023 and commercial readiness expected later in the year.
Of the £300k target amount;
£145k (48%) is allocated to technology, including best-in-class outsourced development support
£110k* (37%) is allocated to staff costs - both existing team as well as a provision for a new Product Manager to help oversee the build. *Further £60k in salary expenses covered by committed grant funding
£25k (8%) is allocated to operating expenses/contingency.
£20k (7%) is allocated to marketing - providing some budget for an early soft launch in the latter half of 2023
The funds raised from this investment round will not be used to repay these loans:
£60,000 working capital loan at an interest rate of 0% per annum. The loan is to be repaid at the business’s discretion over the next 4 years
£39,065 loan from Barclays at an interest rate of 2.5% per annum. The loan is to be repaid within a remaining term of 8 years.
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