Munich Start-Up Aims to Extend Lives of EV Batteries
One of the main concerns of buyers of electric vehicles is battery performance, and since the new cars of today are the used cars of tomorrow, improvements are needed to ensure that pre-owned vehicles are attractive.
Up-and-coming Munich company TWAICE has developed a software to analyze how much life EV batteries have left in them.
“The battery super-cycle has begun,” TWAICE co-founder Michael Baumann told business newspaper Handelsblatt. “We want to establish the global market leader for battery analysis software here in Germany.”
The program is already being used by carmaker Audi and energy companies as well as insurance companies that guarantee battery performance. TWAICE has just taken in USD 30 million in funding after already attracting USD 26 million last year.
Experts at one of the lead investors, Energize Ventures, believe that the EV battery software market could soon grow to USD 12-20 billion, Handelsblatt reported.
TWAICE is supported by UnternehmerTUM Munich since its foundation who is part of Germany’s Digital Hub Initiative. There is no doubt that Twaice’s successful path will continue after its successful market entry into the US.
© TWAICE Technologies GmbH