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The used car market is more than twice the size of the new car market, and EVs are fast becoming a part of it. The battery is a significant component of an EV, because the cost of replacing it can exceed the value of the used car itself. "It's similar to how everyone in the used car ecosystem needs to know the odometer of a used combustion engine car," Case said. As the used EV market grows, this technology, which so far has no U.S. competition, is attractive to investors. In addition to Wireframe Ventures, Recurrent is backed by ArcTern Ventures, Powerhouse Ventures and EnerTech Capital.
Persons: Scott Case, Paul Straub, Case Organizations: Consumers, CNBC, EV, Wireframe Ventures, ArcTern Ventures, Powerhouse Ventures, EnerTech Locations: Seattle
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailArcTern raises $335 million for third fund: What you need to knowMurray McCaig, Arctern Ventures co-founder and managing partner, joins 'Power Lunch' to discuss why 2023 was a challenging year for climate startups in search of funding, which business models are better than others in the space, and more.
Persons: Murray McCaig Organizations: Arctern Ventures
Layoffs have hit the red-hot climate tech sector as it jostles with the economic downturn. Carbon accounting startup Emitwise has become the latest climate tech startup to lay off staff as the industry jostles with the economic downturn, Insider understands. Climate tech is wide-ranging, encapsulating everything from research and development-heavy batteries to carbon accounting SaaS tools. The energy crisis has been a boon for home energy startups working on rooftop solar, heat pumps, and smart thermostats. At One Ventures' Lin added that in moments of economic difficulty "sometimes the most interesting innovations are born."
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