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.

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Persons: Scott Case, Paul Straub, Case Organizations: Consumers, CNBC, EV, Wireframe Ventures, ArcTern Ventures, Powerhouse Ventures, EnerTech Locations: Seattle