Barcelona startup Tether is repurposing electric vehicles (EVs) as essential grid components using artificial intelligence. Founded by Luis Medina Rivas at Norrsken Barcelona in 2023, Tether leverages AI to predict and coordinate the charging behaviors of idle EVs, transforming them into a clean and decentralized power reserve. This venture targets the common issue of EVs remaining idle 95% of the time, providing opportunities to reinforce the energy grid sustainably. Unlike previous startups focusing on individual EV performance, Tether harnesses AI for broader energy applications, offering a fresh look at the integration of automotive and energy sectors to potentially reduce CO2 emissions significantly.
How Did Tether Get its Name?
The name ‘Tether’ emerged from a brainstorming session by Rivas who was inspired by the visual of an EV plugged into a charger. Rivas believed the term ‘Tether’ captured the essence of connecting EVs to the power grid. It symbolizes the practical connection facilitated through charging cables and advanced AI.
“The inspiration for ‘Tether’ came from the realization that electric vehicles are basically unused batteries, but hard to manage and predict,” describes Rivas.
His strategic choice reflects a dual-purpose name that emphasizes both physical and digital connections, reinforcing the company’s mission to integrate EVs with the grid seamlessly.
Why Persistence in Naming Was Crucial?
Choosing the name ‘Tether’ was a process that involved thorough market consideration and iterations. Initially named Luma, the company realized a rebranding was necessary to capture its true mission. After entertaining numerous ideas, the name ‘Tether’ emerged as the perfect fit. The brainstorming process included considering Greek deities and technological implications, yet ‘Tether’ was the name that resonated most with the company’s goals.
The company prioritizes a name that matches its mission over domain availability, with tetherev.io reflecting both its technological and automotive focus. While the primary name is intended to remain unchanged, product lines may adapt, like introducing “Tether Fleet” for wider applications. Such flexibility allows for expansion without losing the foundational identity.
Names have historically been significant for startups, acting not only as identifiers but as powerful brand foundations. Unlike some past ventures that struggled with market differentiation, Tether benefits from a name providing immediate understanding of their mission. Names in the EV and energy sectors often carry symbolic meanings, whereas Tether’s approach is to provide clear, practical insights into its operational purpose.
Names carry nuanced significance in business. While not affecting product quality, a compelling name can influence first impressions and brand storytelling. Rivas asserts that a name contributes to brand strength and memorability, elements essential even in a B2B environment.
In the evolving landscape of EVs and clean energy, Tether enters with a unique blend of technology and branding. By turning idle EVs into active grid supports, it offers a novel solution for energy resilience using AI. This approach not only aids in reducing CO2 emissions but also promotes smarter grid interactions, contributing to a more sustainable energy future.
