Twaice issues new guarantee on battery analysis findings
Munich-based battery analytics company Twaice is introducing a guarantee on the accuracy and findings of its analytics platform. With its predictive analytics software, the company is known to enable statements on the health of batteries.
For the guarantee, Twaice is working with insurer Great Lakes Insurances, a subsidiary of reinsurer Munich Re. It is “the first contractual guarantee of its kind”, the company says. Should the result of analytics ever fall outside the guaranteed accuracy, Twaice says the client will receive compensation – amounting to eight times the amount paid for analytics.
“The accuracy promise of TWAICE is the first of its kind in the battery analytics software space, ” emphasises Dr Stephan Rohr, founder and co-CEO of TWAICE. “The insurance and due diligence by Munich Re should give manufacturers and operators of electric vehicles and energy storages the confidence to accelerate the development and deployment of batteries with the TWAICE platform.”
The Munich-based company is known to offer predictive analytics software for companies working with batteries. The platform serves as the basis for several of the company’s products as well as customer and partner solutions, such as TÜV Rheinland’s Battery Quick Check.
Just a few weeks ago, Twaice launched the seventh version of its battery model. As for the growth momentum of the company itself, Twaice is receiving support from external investors: In spring, the Munich-based company secured an additional Series B financing of 30 million US dollars from investor Coatue and existing investors. The money will be used to further develop the platform and open new locations.
“We are building the world’s most complete predictive battery analytics platform, accessible to all companies driving the transformation to a cleaner and greener battery-powered world,” Stephan Rohr said at the time. Co-CEO Michael Baumann added: “In the last year we tremendously increased our mobility OEM and energy customer base, established new business segments for bus and commercial fleet operators, and formed a new product offering for EV residual value certification.”
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